Contents 

SEPTEMBER 2004 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis.—Summary of Economic Indicators....................................................................................................................... 3

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations............................................................................................................................ 11 

Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source...................... 12 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 14 

FFO-B.—Chart: Budget Receipts by Source....................................................................................................................... 14 

FFO-1.—Summary of Fiscal Operations............................................................................................................................. 15 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 16 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 18 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency....................................................... 20

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 21 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 21

FEDERAL DEBT 

Introduction.—Federal Debt................................................................................................................................................ 23 

FD-1.—Summary of Federal Debt ...................................................................................................................................... 24 

FD-2.—Debt Held by the Public ......................................................................................................................................... 25 

FD-2.—Interest-Bearing Public Debt (Historical)............................................................................................................... 26 

FD-3.—Government Account Series................................................................................................................................... 27 

FD-4.—Interest-Bearing Securities Issued by Government Agencies................................................................................. 28 

FD-5.—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 29 

FD-6.—Debt Subject to Statutory Limit.............................................................................................................................. 30 

FD-6.—Debt Subject to Statutory Limitation (Historical) .................................................................................................. 30 

FD-7.—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies.................................. 31

PUBLIC DEBT OPERATIONS 

Introduction.—Public Debt Operations ............................................................................................................................... 33 

TREASURY FINANCING ................................................................................................................................................. 33 

PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly 

 and 52-Week Treasury Bills Outstanding............................................................................................................ 37 

PDO-2.—Offerings of Regular Weekly Treasury Bills....................................................................................................... 42 

PDO-3.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 43 

PDO-4.—Allotments by Investor Class for Marketable Public Debt Securities Other than Bills ....................................... 44

U.S. SAVINGS BONDS AND NOTES 

Introduction.—Savings Bonds and Notes............................................................................................................................ 45 

SBN-1.—Sales and Redemptions by Series, Cumulative.................................................................................................... 45 

SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined....................................... 46

SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I ........................................................................... 46
IV 

Contents 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 48 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 49 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues (Historical).................................... 50 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 51

MARKET YIELDS 

Introduction.—Market Yields.............................................................................................................................................. 52 

MY-1.—Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds...................................................... 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 53 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coin ............................................................................... 53 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 54

INTERNATIONAL STATISTICS 

INTERNATIONAL FINANCIAL STATISTICS 

Introduction.—International Financial Statistics ................................................................................................................. 57 

IFS-1.—U.S. Reserve Assets............................................................................................................................................... 57 

IFS-2.—Selected U.S. Liabilities to Foreigners .................................................................................................................. 58 

IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other 

 Residents of Foreign Countries.............................................................................................................................. 59

CAPITAL MOVEMENTS 

Introduction.—Capital Movements ..................................................................................................................................... 60 

SECTION I.—Liabilities to Foreigners Reported by Banks in the United States 

CM-I-1.—Total Liabilities by Type and Holder.................................................................................................................. 63 

CM-I-2.—Total Liabilities by Country................................................................................................................................ 64 

CM-I-3.—Total Liabilities by Type and Country................................................................................................................ 66 

CM-A.—Chart: U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries...................................................................................................................... 68 

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

CM-II-1.—Total Claims by Type........................................................................................................................................ 69 

CM-II-2.—Total Claims by Country ................................................................................................................................... 70 

CM-II-3.—Total Claims on Foreigners by Type and Country ............................................................................................ 72 

CM-B.—Chart: U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers 

 with Respect to Selected Countries...................................................................................................................... 74 

SECTION III.—Supplementary Liabilities and Claims Data Reported by Banks in the United States 

CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly

 Reported Separately......................................................................................................................................... 75 

SECTION IV.—Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises 

 in the United States 

CM-IV-1.—Total Liabilities and Claims by Type............................................................................................................... 76 

CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country................................................................................... 77 

CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country ...................................................................................... 79 

CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and Country........................................ 81 
V

Contents 

SECTION V. —U.S. International Transactions in Long-Term Securities 

CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type.............................................. 83 

CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type................................................. 84 

CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities by Type and Country ....................................... 85 

CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (second quarter) ............................................................................................................... 87 

CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type 

 and Country, during (calendar year) ................................................................................................................. 89 

CM-C.—Chart: Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries ............................. 91 

CM-D.—Chart: Net Purchases of Long-Term Foreign Securities by U.S. Investors .......................................................... 92

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions......................................................................................................................... 93 

SECTION I.—Canadian Dollar Positions 

FCP-I-1.—Weekly Report of Major Market Participants.................................................................................................... 94 

FCP-I-2.—Monthly Report of Major Market Participants .................................................................................................. 95 

FCP-I-3.—Quarterly Report of Large Market Participants ................................................................................................. 95 

SECTION II.—Japanese Yen Positions 

FCP-II-1.—Weekly Report of Major Market Participants................................................................................................... 96 

FCP-II-2.—Monthly Report of Major Market Participants ................................................................................................. 97 

FCP-II-3.—Quarterly Report of Large Market Participants ................................................................................................ 97 

SECTION III.—Swiss Franc Positions 

FCP-III-1.—Weekly Report of Major Market Participants ................................................................................................. 98 

FCP-III-2.—Monthly Report of Major Market Participants................................................................................................ 99 

FCP-III-3.—Quarterly Report of Large Market Participants............................................................................................... 99 

SECTION IV.—Sterling Positions 

FCP-IV-1.—Weekly Report of Major Market Participants............................................................................................... 100 

FCP-IV-2.—Monthly Report of Major Market Participants.............................................................................................. 101 

FCP-IV-3.—Quarterly Report of Large Market Participants............................................................................................. 101 

SECTION V.—U.S. Dollar Positions 

FCP-V-1.—Weekly Report of Major Market Participants ................................................................................................ 102 

FCP-V-2.—Monthly Report of Major Market Participants............................................................................................... 103 

FCP-V-3.—Quarterly Report of Large Market Participants.............................................................................................. 103 

SECTION VI.—Euro Positions 

FCP-VI-1.—Weekly Report of Major Market Participants............................................................................................... 104 

FCP-VI-2.—Monthly Report of Major Market Participants.............................................................................................. 105 

FCP-VI-3.—Quarterly Report of Large Market Participants............................................................................................. 105 

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund..................................................................................................................... 106 

ESF-1.—Balance Sheet ..................................................................................................................................................... 106 

ESF-2.—Income and Expense........................................................................................................................................... 107
VI 

Contents 

SPECIAL REPORTS 

TRUST FUNDS 

Introduction.—Highway Trust Fund ................................................................................................................................. 111 

TF-15A.—Highway Trust Fund; Highway Account, Mass Transit Account. ................................................................... 111

 

RESEARCH PAPER INDEX............................................................................................................................................ 112

GLOSSARY ...................................................................................................................................................................... 113

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of 

rounding; p = Preliminary; n.a. = Not available; r = Revised. 
3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

Real gross domestic product (GDP) 

Real gross domestic product (GDP) continued to rise in 

the first half of 2004, though the quarterly pattern was 

mixed. The GDP increase in the first quarter was revised 

substantially to a 4.5 percent annual rate from 3.9 percent 

previously, while growth in the second quarter slowed to a 

3.0 percent pace. Because of strong gains in the final three 

quarters of 2003 and in the first quarter of 2004, growth in 

the second quarter as measured from a year earlier was a 

sizable 4.8 percent, as shown in the adjacent chart. 

The slowdown in the second quarter was more than 

accounted for by reduced growth in real personal 

consumption expenditures, which increased at just a 1.0 

percent rate (the lowest in 3 years) after rising 4.1 percent in 

the first quarter. In contrast, growth in exports and business 

investment was quite strong in the quarter. 

Exports increased at a 13.2 percent annual rate, 

continuing a string of rapid gains over the previous three 

quarters as the desired improvement in economic activity 

abroad is finally underway. Residential investment grew at a 

15.4 percent pace in the second quarter and equipment and 

software investment at a 10.0 percent pace. Business 

investment in structures and in inventories also rose in the 

second quarter. The gains in exports and investment, 

however, were dampened by the sharp slowdown in 

consumer spending, which represents more than two-thirds 

of GDP. 

In the government sector, Federal consumption 

expenditures and gross investment recorded a 2.3 percent 

annual rate increase as defense spending slowed sharply to a 

1.9 percent pace from an average of 11.1 percent in the prior 

two quarters. Nondefense expenditures, in contrast, 

accelerated to 4.3 percent in the second quarter from 0.2 

percent in the first quarter. State and local spending 

increased at a 2.1 percent pace after declining in the previous 

two quarters. 

Annual revisions to GDP data back to 2001 raised 

growth in 2001 and 2003 (as measured from fourth-quarter 

to fourth-quarter) and lowered it slightly in 2002. Quarterly 

revisions affected the scope and pattern of the 2001 

recession and subsequent recovery. What had been a threequarter decline in real GDP in 2001 of 0.7 percent 

(annualized) was revised to show just two quarters of decline 

between the end of 2000 and the third quarter of 2001, with 

real GDP down at just a 0.2 percent pace over that span. The 

recovery was a bit shallower as well, as real GDP expanded 

at a 3.3 percent annual rate between the third quarter of 2001 

and the first quarter of 2004 instead of 3.4 percent as 

previously estimated. 

Growth of Real GDP

4.4 4.3 4.5 4.7

2.2

0.2

2.3

4.4

4.8

0

1

2

3

4

5

6

96 97 98 99 00 01 02 03 04*

(Percent change, fourth quarter to fourth quarter)

*2004 based on second quarter
4 PROFILE OF THE ECONOMY 

Inflation 

Inflation at both the consumer and producer price levels 

picked up in the first half of this year. The consumer price 

index (CPI) increased at a 4.9 percent annual rate during the 

first 6 months of 2004. This is up from 1.9 percent during all 

of 2003. Energy prices jumped at a 36 percent pace, 

reflecting a 65.5 percent surge in the cost of petroleumbased energy products. This represents a sharp acceleration 

from the 6.9 percent rise in energy prices during 2003. The 

increase in food prices slowed a little to a 3.2 percent annual 

rate in the first 6 months of 2004 from 3.6 percent last year. 

“Core” inflation (prices excluding food and energy), 

however, moved from a very low 1.1 percent pace during 

2003 to an annual rate of 2.6 percent so far this year. The 

increase last year was the smallest annual rise since 1960. 

The pattern at the producer level mirrors developments at 

the consumer level. Overall finished goods prices rose by 4.0 

percent during 2003 but were up at a 5.0 percent annual rate 

during the first 6 months of this year. Rising core prices and 

higher energy costs contributed to the overall acceleration, 

offset somewhat by some moderation in the increase in 

wholesale food costs. Energy prices were up at a 14.9 

percent annual rate through June, faster than the 11.4 percent 

rise during 2003. Core prices rose by 1.0 percent last year 

but have increased at a 2.5 percent pace so far this year. 

Wholesale food prices rose at a 5.3 percent pace during the 

first 6 months of 2004, below the 7.7 percent increase last 

year. Further back in the production chain, the pace of core 

intermediate materials price increases accelerated from 2.1 

percent during 2003 to an annual rate of almost 10 percent 

during the first half of 2004. 

Labor costs remain subdued. Hourly compensation costs 

as calculated in the national income accounts for the private 

nonfarm business sector increased at a 4.5 percent annual 

rate during the first half of 2004. This was down from the 

5.4 percent during 2003 but still faster than the 3.2 percent 

increase in productivity. As a result, unit labor costs rose at a 

1.0 percent pace during the first two quarters of this year 

after declining by 0.2 percent across the four quarters of 

2003. The employment cost index (ECI) for total 

compensation, a fixed-weighted compensation measure, 

increased by 3.9 percent during the 12-month period ending 

in June, boosted by a surge in benefit costs. This was close 

to the 3.7 percent increase for the comparable period in the 

previous year. 

0

1

2

3

4

5

6

7

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Consumer Prices

(Percent change from a year earlier)

-4

-2

0

2

4

6

8

91 92 93 94 95 96 97 98 99 00 01 02 03 04

Excluding food and energy

Total

Producer Prices - Finished Goods

(Percent change from a year earlier)
PROFILE OF THE ECONOMY 5

Employment and unemployment 

The labor market recovery that began last fall and 

accelerated into the spring became more tempered by the 

middle of 2004. Still, July marked the eleventh consecutive 

month of nonfarm payroll growth. Since the August 2003 

low point of employment, nonfarm payroll jobs have risen 

by nearly 1.5 million. In addition, the unemployment rate 

edged down to 5.5 percent in July, the lowest level since 

October 2001. 

Nonfarm payroll employment increased by just 32,000 in 

July, well below market expectations. The modest gain 

compares to an average increase of 200,000 jobs per month 

in the first half of the year. Private service-producing 

industries, the main driver of employment gains since the 

August trough, added just 14,000 workers in July. There 

were even some sizeable employment declines in the retail 

trade and financial industries. Gains in construction 

employment slowed to just 4,000 in July following stronger 

gains earlier this year. On a brighter note, the manufacturing 

sector began to create jobs once again in February after a 3-

1/2 year contraction in employment. Factory jobs have 

increased by 91,000 since February. 

The unemployment rate edged down from 5.6 percent to 

5.5 percent in July, the lowest level since October 2001. The 

decline was mainly due to a 629,000 surge in employment as 

measured in the household survey. Though this series is 

quite volatile and not considered as reliable an indicator of 

job growth as the payroll survey data, the July increase was 

the largest in more than two years. 

Data show that recent wage gains have not kept up with 

inflation. Over the 12 months ended in July, average hourly 

earnings of nonfarm production workers rose 1.9 percent, 

less than the 2.5 percent rise in inflation in the year ending in 

June (latest available) using the personal consumption 

expenditure index. 

Payroll Employment

-174

-140

22

-302

-71

-14

-49 -54 -58

-21

198 203

60

32

-1

-400

-300

-200

-100

0

100

200

300

400

01-I II III IV 02-I II III IV 03-I II III IV 04-I II III*

(Average monthly change in thousands)

* Based on July data

Unemployment Rate

3.5

4.0

4.5

5.0

5.5

6.0

6.5

7.0

96 97 98 99 00 01 02 03 04

(Percent)

July 2004

5.5%
6 PROFILE OF THE ECONOMY 

Real disposable personal income and 

consumer spending 

Personal income in nominal terms grew at a 6.2 percent 

annual rate in the first half of 2004. This represented an 

acceleration from the 4.6 percent pace across the four 

quarters of last year. Wages and salaries, which account for 

more than half of personal income, grew at a strong 

5.5 percent annual rate in the first two quarters of the year, 

up from the 4.0 percent advance during 2003. Personal 

interest income is up at a 2.0 percent pace this year after 

increasing by 4.0 percent at an annual rate in the fourth 

quarter of last year. Prior to the fourth quarter increase, 

interest income had been moving down on average for 3 

years. Dividend income has increased at a healthy pace this 

year following little change last year. 

Disposable (after-tax) income adjusted for inflation 

moved up at a 3.1 percent annual rate in the first half of 

2004, a little slower than the 3.9 percent gain during 2003, 

when results were boosted by the Jobs and Growth Tax 

Relief Reconciliation Act. 

Growth in real consumer spending slowed to a 1.0 

percent annual rate in the second quarter of 2004 from 4.1 

percent in the first quarter. These follow a 3.8 percent gain 

across all four quarters of 2003. With after-tax income up at 

a faster rate than real spending this year, the personal saving 

rate moved up to 1.7 percent in the second quarter from 1.3 

percent in the fourth quarter. The saving rate stood at 1.4 

percent for all of 2003, down from 2.0 percent during 2002. 

Industrial production and capacity 

utilization 

Industrial production continued its solid performance 

during the second quarter of 2004. Output from factories, 

mines, and utilities rose by 6.0 percent at an annual rate in 

the second quarter, nearly as strong as the first quarter’s 6.6 

percent rise. Output rose by 5.6 percent over the 12 months 

ending in June. 

Manufacturing production, which accounts for about 82 

percent of all industrial output, advanced by a very strong 

7.1 percent at an annual rate in the second quarter, on top of 

gains of about 6 percent in each of the previous two quarters. 

Production of motor vehicles and parts declined at an 11.6 

percent annual rate in the second quarter, retracing the first 

quarter’s 9.9 percent gain. Apart from automobiles, 

manufacturing output rose at an 8.9 percent annual rate in 

the second quarter, faster than the first quarter’s 6.0 percent 

pace. Production in the high-technology industries 

(computers, communications equipment, and 

semiconductors) rose at a rapid 28 percent annual rate in the 

second quarter. In recent quarters, this industry sector has 

been running at rates not seen since mid-2000. Both the 

computers and office equipment sector and semiconductors 

have accounted for much of these sharp gains. 

Communications equipment remains the weakest segment of 

the high-technology group. Nondurable manufacturing 

surged at a 6.7 percent pace in the second quarter, the fastest 

pace in 4-1/2 years, with strength widespread. Production at 

utilities, which accounts for 10 percent of total industrial 

output, rose at a 2.1 percent rate in the second quarter, after 

unseasonable weather had resulted in a 15.6 percent advance 

in the first quarter. Output at mines (the remaining 8 percent 

of industrial output) was flat in the second quarter. 

The capacity utilization rate for the industrial sector was 

77.3 percent for the second quarter, up from the two-decade 

low of 74.0 percent reached in June 2003 but still 3.8 

percentage points below the long-term average of 81.1 

percent. Capacity utilization ranged between 82 and 85 

percent in the 1994–1999 period. Capacity utilization in the 

manufacturing sector was 76.1 in the second quarter, 4.0 

percentage points below its long-term average. Utilization in 

the high-tech industries edged over the 70.0 percent mark in 

the second quarter, the highest reading in 3 years. That is 

still below its long-term average of 78.8 percent. 

Nonfarm productivity and unit labor costs 

Gains in productivity continue to be quite strong. 

Nonfarm business productivity (real output per hour worked) 

rose 2.9 percent at an annual rate in the second quarter, 

down from the first quarter’s 3.7 percent gain. Still, over the 

most recent four quarters, labor productivity rose by an 

impressive 4.7 percent. Since the fourth quarter of 2000–a 

period that includes both recession and recovery–output per 

hour in the nonfarm business sector has surged by 4.0 

percent at an annual rate. The rapid rise in productivity over 

the most recent 14 quarters exceeds the strong 2.6 percent 

pace registered between 1995 and 2000. It is also well above 

the 1973 to 1995 period, when productivity growth averaged 

only 1.5 percent per year. 

Hourly compensation costs rose at a 4.9 percent annual 

rate in the second quarter after a 4.0 percent annual rate 

increase in the first quarter. These costs were up by 4.8 

percent during the most recent four quarters, marking an 

acceleration from the 3.4 percent posted in the year-earlier 

period. Unit labor costs increased 1.9 percent in the second 

quarter at an annual rate, the largest quarterly increase in 2 

years. Over the latest four quarters, however, unit labor costs 

are up by a modest 0.2 percent as gains in productivity still 

appear to be tempering compensation costs. 

Productivity in manufacturing rose by a sizeable 7.5 

percent annual rate in the second quarter and was up by 6.0 

percent over the most recent four quarters. Hourly 

compensation in manufacturing rose by 5.2 percent at an 

annual rate in the second quarter and by 5.9 percent over the 

past four quarters. Given the strong gains in factory 

productivity, unit labor costs actually declined 2.2 percent at 

an annual rate in the second quarter and were unchanged 

over the latest four quarters. 
PROFILE OF THE ECONOMY 7

International transactions 

The current account measures trade in goods and 

services as well as the flow of investment income and 

unilateral transfers (including government grants and 

pension payments and private transfers to and from 

foreigners). The current account has been in deficit almost 

continuously since the early 1980s but has fluctuated widely 

over time. In the first quarter of 2004, the current account 

deficit widened by nearly $72 billion to an all-time high of 

$580 billion at an annual rate (or 5.1 percent of GDP). More 

than half of the increase was due to further growth in the 

merchandise trade deficit, which also reached a new high in 

the first quarter. A decline in the surplus on investment 

income and an increase in net unilateral transfers also 

contributed. 

The current account is, by definition, matched by 

offsetting transactions in the capital and financial accounts, 

with any difference in the recorded flows listed as a 

statistical discrepancy. Capital account transactions, which 

mainly consist of debt forgiveness and wealth transfers 

associated with immigration, are typically small and in the 

first quarter edged down to -$1.4 billion at an annual rate 

from -$1.2 billion in the fourth quarter. 

The financial account measures transactions that alter the 

foreign financial assets and liabilities of the United States. 

Net financial inflows (the difference between net foreign 

purchases of U.S. assets and U.S. purchases of foreign 

assets) decelerated in the first quarter to $633 billion at an 

annual rate from $675 billion in the previous quarter. Net 

foreign purchases of assets in the United States surged to a 

record $1,790 billion from $921 billion in the fourth quarter, 

with nearly half of the pickup accounted for by an increase 

in U.S. liabilities reported by banks. U.S. purchases of 

overseas assets shot up by $910 billion to an all-time high of 

$1,157 billion, more than offsetting the increase in foreign 

purchases of U.S. assets. 

Exchange rate of the dollar 

The dollar strengthened somewhat during the first half of 

this year after falling from a peak in February 2002 through 

January 2004. In the 23-month period between that peak and 

January, the nominal exchange value of the dollar relative to 

a broad index covering the currencies of 26 important U.S. 

trading partners depreciated by 13 percent. During the 6 

months through July, the dollar has maintained a firming 

trend, rising by about 2 percent. 

The decline was a function mainly of dollar weakness 

against the seven currencies of the United States’ major 

trading partners, including the euro area countries, Japan, 

Canada, the United Kingdom, Australia, Sweden, and 

Switzerland. Between February 2002 and January 2004, the 

exchange rate of the dollar compared to an index of these 

currencies fell by 24.5 percent. Dollar depreciation against 

the yen and the euro, whose combined weights account for 

roughly 55 percent of the major index, was largely 

responsible. Over the same period, the dollar/euro exchange 

rate fell by 31 percent and the dollar/yen exchange rate fell 

by 20.5 percent. Since January, the dollar has risen 2.4 

percent against the major currencies, including 3 percent 

rises against the yen and the euro, reflecting indications that 

the U.S. economic recovery is underway and expectations 

for U.S. monetary tightening. 

The dollar remains relatively strong compared with the 

currencies of many other important trading partners, and the 

pace of its appreciation in the most recent months has picked 

up somewhat. Since February 2002, the exchange value of 

the dollar compared to an index of currencies that includes 

Mexico, China, Brazil, and seven other Asian countries has 

appreciated by 5.6 percent. Since December 1999, this index 

has risen by 12.5 percent. 
8 PROFILE OF THE ECONOMY 

Interest rates 

In late June, the Federal Reserve embarked on its latest 

cycle of monetary tightening, hiking the federal funds target 

rate by 25 basis points to 1.25 percent. Previously, the 

Federal Open Market Committee (FOMC) held the target for 

the federal funds rate (the rate that banks and other financial 

institutions charge each other for overnight loans) constant 

at 1 percent between June 2003 and May 2004. In early 

August, FOMC raised the federal funds rate by another 25 

basis points to 1.5 percent. Nonetheless, at this extremely 

low level, the Federal Reserve’s monetary stance remains 

accommodative. 

In the Treasury market, the 3-month Treasury bill rate 

remained below 1 percent for most of the period from June 

2003 until May 2004, but since early May the rate has risen 

by about 40 basis points in anticipation of tightening by the 

Federal Reserve and on evidence of faster economic growth. 

After dipping to a low of 3.75 in early March, the 10-year 

Treasury yield also rose in anticipation of faster growth and 

monetary tightening, to over 4.8 percent in mid-May. Since 

then, in reaction to softer economic data releases and rising 

geo-political uncertainty, the 10-year yield has declined by 

about 60 basis points to the 4.2 percent level. 

Mortgage interest rates generally follow movements of 

the 10-year Treasury rate. The interest rate on a conventional 

30-year fixed-rate loan fell to about 5.4 percent in March 

2004, close to the low of 5.2 percent reached in June 2003. 

The low rates led to a new round of mortgage refinancings 

and helped free additional cash for consumption. In 

subsequent months, the rate rose to an average 6.3 percent–

still low in historical perspective–and the pace of 

refinancings subsided. In the last few weeks, however, it has 

begun to follow the 10-year Treasury yield lower, dipping 

below 6.0 percent. 

Corporate bond yields reflect movements in long-term 

Treasury yields as well as numerous other factors. Moody’s 

seasoned Baa yield declined on evidence of faster growth 

and rising corporate profits, reaching an average 6.11 

percent in March 2004. The yield rose to 6.64 in July, 

reflecting rising yields in bond markets. The spread between 

the Baa yield and the 10-year Treasury yield, a measure of 

investor risk appetite, narrowed to an average of 2.11 

percentage points as of July from nearly 4 percentage points 

in late 2002. 

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

1999 2000 2001 2002 2003 2004

Long-term Interest Rates

Corporate Baa bond

Treasury 10-year note

(Percent)

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

1999 2000 2001 2002 2003 2004

Short-term Interest Rates

Federal funds

rate target

3-month Treasury bills

(Percent)

`
PROFILE OF THE ECONOMY 9

Housing 

The housing sector remained very strong in the second 

quarter. Housing starts declined but real residential 

investment accelerated sharply, buoyed by a surge in real 

estate brokers’ commissions and fees. Home sales soared to 

record levels even as mortgage rates crept higher, and the 

homeownership rate reached a new high of 69.2 percent. 

Housing starts fell by 6.3 percent at an annual rate in the 

second quarter, pulled down by a steep drop in the volatile 

multi-family sector. Starts of single-family homes (which 

account for roughly 82 percent of total housing construction) 

rebounded in the second quarter, erasing part of the weatherrelated decline recorded in the first quarter. Overall, starts 

totaled 1.912 million at an annual rate in the second quarter, 

down from 1.943 million in the first quarter and a 25-year 

high of 2.035 in the fourth quarter. 

Sales of new single-family homes climbed by 34 percent 

at an annual rate in the second quarter to an annualized 

1.287 million, a new high for this series which dates back to 

1963. Resales of existing homes also shot up in the second 

quarter, rising by 44 percent at an annual rate to a record 

6.797 million annualized. So far this year, both new and 

existing home sales are tracking well ahead of last year’s 

annual records. The exceptionally strong pace of sales, 

combined with the relatively low stock of homes for sale, 

will likely spur additional construction in the quarters ahead. 

Housing activity continued to be supported by attractive 

mortgage rates in the second quarter. The mortgage rate for a 

30-year conventional fixed-rate loan averaged 6.13 percent, 

up from 5.61 percent in the first quarter but still low by 

historical standards. Rates have eased somewhat since then 

to around 6.00 percent in early August. The National 

Association of Realtors reported that its index of housing 

affordability plunged to a 4-year low in July and consumer 

home-buying attitudes have been trending lower since the 

spring of 2003. Even so, both measures remain at favorable 

levels and home builders are still quite upbeat about housing 

prospects, according to the National Association of Home 

Builders monthly sentiment index. 

Federal budget 

Through the first 9 months of fiscal year 2004, the 

federal budget deficit was $327 billion. That was nearly $51 

billion (21 percent) wider than in the same months of fiscal 

year 2003. Receipts were 3.5 percent higher in the first 9 

months compared to the same months last year, while 

outlays were 6.4 percent above the prior year’s level. 

Outlays for defense and health functions have grown the 

fastest, while outlays for income security, such as 

unemployment compensation, are only slightly higher than 

last year. 

The Mid-Session Review of the Fiscal Year 2005 

Budget, released in late July, projects that the full-year 

deficit for fiscal year 2004 will reach $445 billion compared 

to $375 billion in fiscal year 2003. That would be a record 

high in dollar terms but less than the $521 billion deficit 

projected in February when the fiscal year 2005 budget was 

first introduced. The improvement in the budget forecast 

reflects stronger tax receipts than originally projected, the 

result of slightly better-than-expected growth in the 

economy and an improved labor market. In addition, the 

downward adjustments to receipts that were made in 

February because of revenue uncertainty (which added $20 

billion to the budget deficit forecast in fiscal year 2004 and 

$15 billion in fiscal year 2005) were eliminated. 

If the $445 billion projected deficit for fiscal year 2004 is 

realized, it would represent about 3.8 percent of the overall 

economy as measured by GDP. That would be the highest 

share in relation to GDP in 11 years but well below the peak 

share of 6.0 percent reached in fiscal year 1983 and lower 

than shares recorded in the early 1990s. 

The Mid-Session Review also projects that budget 

deficits will diminish over the next 5 years due to a strong 

economy and restraint in spending. The deficit is projected 

to be cut roughly in half over that span in dollar terms and 

by more than half as a share of GDP, falling to $229 billion 

in fiscal year 2009 or 1.5 percent of GDP. That share in 

relation to GDP would be substantially lower than the 

2.2 percent share averaged over the last 40 years. 
10 PROFILE OF THE ECONOMY 

Net national saving and investment 

Net national saving, the source of funds for new 

investment, was at 2.3 percent of net national product (NNP) 

in the first quarter of this year (latest available data). This 

was above the 1.4 percent registered in 2003 and 2.0 percent 

in 2002, although well below the recent high of 7.3 percent 

in 1998. (Net national saving and NNP exclude depreciation 

to replace worn-out or obsolete equipment, software, and 

structures used in production.) 

The net national saving rate has been held down recently 

by a widening in the Federal budget deficit from 2.8 percent 

of NNP in calendar year 2002 to 3.8 percent in 2003 and the 

first quarter of this year. The Federal deficit has largely 

reflected the effects of the recession in 2001 and the need for 

spending on homeland security following the terrorist 

attacks. State and local government budgets are now 

approximately in balance after recording a deficit of 

0.3 percent of NNP in 2002. The current public sector deficit 

of 3.7 percent of NNP is near its average of 3.8 percent of 

NNP from 1982 through 1995. 

Private saving was 6.0 percent of NNP in the first quarter 

of 2004, which is up from the 5.1 percent averaged in 2002 

and 2003, and well above the rate of 3.7 percent in 2001, 

which was the lowest since 1938. Personal saving eased to 

1.1 percent of NNP during 2003 and 1.0 percent in the first 

quarter of this year from 1.7 percent in 2002. The 2003 rate 

is the lowest annual average in more than 50 years. Retained 

earnings of corporations rose substantially to 4.0 percent of 

NNP in 2003 from 3.3 percent in 2002 and 2.2 percent in 

2001, reflecting the upswing in corporate profits which is 

being generated by the economic recovery. Earnings have 

gone up further to 5.0 percent of NNP in the first quarter of 

2004. 

Net domestic investment (by government and private 

industry in structures, equipment, software, and inventory) 

rose to 8.2 percent of NNP in the first quarter of 2004 from 

6.9 percent in 2003 and 6.8 percent in 2002. Net investment 

averaged about 9-3/4 percent of NNP from 1998 through 

2000. Nevertheless, the most recent rates of investment are 

considerably higher than rates below 6 percent in 1991 and 

1992. A large part of investment during the last decade was 

financed from abroad. The U.S. balance on current account 

swung from 0.3 percent of NNP in 1991 to -5.3 percent in 

2003 and -5.5 percent in the first quarter of this year. 

Net National Saving

-10

-5

0

5

10

15

60 65 70 75 80 85 90 95 00 *

Public

Total

(Saving as a percent of NNP)

*2004 based on first quarter
11

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of appropriations 

that allow obligations to be incurred and payments to be 

made. Reappropriations are Congressional actions that 

extend the availability of unobligated amounts that have 

expired or would otherwise expire. These are counted as 

new budget authority in the fiscal year of the legislation in 

which the reappropriation act is included, regardless of when 

the amounts were originally appropriated or when they 

would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as reductions 

of collections, whereas payments for earned-income tax 

credits in excess of tax liabilities are treated as outlays. 

Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances of 

prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former normally 

can be used without an appropriation act by Congress. These 

occur in two instances: (1) when authorized by law, amounts 

collected for materials or services are treated as 

reimbursements to appropriations. For accounting purposes, 

earned reimbursements are also known as revenues. These 

offsetting collections are netted against gross outlays in 

determining net outlays from such appropriations; and (2) in 

the three types of revolving funds (public enterprise, 

intragovernmental, and trust); offsetting collections are 

netted against spending, and outlays are reported as the net 

amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal intrafund 

transactions—payments and receipts both occur within the 

Federal fund group; and (3) trust intrafund transactions—

payments and receipts both occur within the trust fund 

group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have moved 

certain off-budget Federal entities onto the budget. Under 

current law, the off-budget Federal entities consist of the two 

Social Security trust funds, Federal Old-Age and Survivors 

Insurance and the Federal Disability Insurance Trust Fund, 

and the Postal Service. 

Although an off-budget Federal entity’s receipts, outlays, 

and surplus or deficit ordinarily are not subject to targets set 

by the Congressional resolution, the Balanced Budget and 

Emergency Deficit Control Act of 1985 [commonly known 

as the Gramm-Rudman-Hollings Act as amended by the 

Budget Enforcement Act of 1990 (2 United States Code 900-

922)] included off-budget surplus or deficit in calculating 

deficit targets under that act and in calculating excess deficit. 

Partly for this reason, attention has focused on both on- and 

off-budget receipts, outlays and deficit of the Government. 
12 FEDERAL FISCAL OPERATIONS 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

• Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

• Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

• Table FFO-3 details on- and off-budget outlays by 

agency. 

• Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

• Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

• Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Third-Quarter Receipts 

The following capsule analysis of budget receipts, 

by source, for the third quarter of fiscal year 2004 

supplements fiscal data reported in the June issue of 

the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $228.7 billion for the third 

quarter of fiscal year 2004. This is a decrease of $3.8 billion 

over the comparable prior year quarter. Withheld receipts 

increased by $4.4 billion and non-withheld receipts 

decreased by $6.3 billion during this period. Refunds 

increased by $1.9 billion over the comparable fiscal year 

2003 quarter. There was an increase of $2.4 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2003. 

Corporate income taxes—Net corporate income tax 

receipts were $73.0 billion for the third quarter of fiscal year 

2004. This is an increase of $20.1 billion compared to the 

prior year third quarter. The $20.1 billion change is 

comprised of an increase of $14.4 billion in estimated and 

final payments, and a decrease of $5.6 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2004 were $190.1 billion, an increase of $2.1 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal Disability 

Insurance, and Federal Hospital Insurance trust funds 

changed by $1.0 billion, $0.2 billion, and $0.8 billion 

respectively. There was a -$4.8 billion accounting adjustment 

for prior years employment tax liabilities made in the third 

quarter of fiscal year 2004, while there was a -$2.4 billion 

adjustment in the third quarter of fiscal year 2003. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the third quarter of fiscal year 

2004 were $20.6 billion, an increase of $3.6 billion over the 

comparable quarter of fiscal year 2003. Net State taxes 

deposited in the U.S. Treasury increased by $3.4 billion to 

$16.8 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $3.8 billion. 
FEDERAL FISCAL OPERATIONS 13

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, con.

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

third quarter of fiscal year 2004. This was a negligible 

change from the comparable quarter of fiscal year 2003.

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2004 were $17.5 billion, an increase of 

$1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.5 billion, a 

decrease of $0.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.5 billion for the third quarter of fiscal year 2004. 

These receipts represent an increase of $0.8 billion over the 

same quarter in fiscal year 2003.

Customs duties—Customs duties net of refunds were 

$5.0 billion for the third quarter of fiscal year 2004. This is 

an increase of $0.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts for 

the third quarter of fiscal year 2004 were $7.4 billion, a 

decrease of $1.6 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by 

Federal Reserve banks decreasing by $1.8 billion. 

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Third quarter 

April - June 

Actual fiscal 

year to date 

Total on- and off-budget results: 

Total receipts ................................................................ 214,382 1,400,287

On-budget receipts ................................................... 166,393 994,835

Off-budget receipts ................................................... 47,989 405,452

Total outlays.................................................................. 195,242 1,726,904

On-budget outlays..................................................... 195,259 1,466,711

Off-budget outlays..................................................... -17 260,194

Total surplus or deficit (-) .............................................. 19,140 -326,617

On-budget surplus or deficit (-)................................. -28,866 -471,875

Off-budget surplus or deficit (-)................................. 48,006 145,258

Means of financing: 

Borrowing from the public............................................. 11,946 296,314

Reduction of operating cash......................................... -28,760 -9,655

Other means ................................................................. -2,326 39,958

Total on- and off-budget financing............................ -19,140 326,617

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2004 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source April May June 

Individual income taxes...................................................... 103.6 30.7 94.4 

Corporate income taxes..................................................... 23.5 5.2 44.3 

Employment and general retirement.................................. 73.7 55.3 61.0 

Unemployment insurance .................................................. 6.7 12.7 1.1 

Contributions for other insurance and retirement .............. 0.4 0.4 0.4 

Excise taxes ....................................................................... 5.9 5.5 6.2 

Estate and gift taxes .......................................................... 2.7 1.9 1.9 

Customs duties .................................................................. 1.7 1.5 1.8 

Miscellaneous receipts....................................................... 1.8 2.2 3.3

Total budget receipts ..................................................... 220.1 115.4 214.4

Note.—Detail may not add to totals due to independent rounding. 
14 FEDERAL FISCAL OPERATIONS 

CHART FFO-A.—

Monthly Receipts and Outlays, 2003-2004

(In billions of dollars) 

-50

0

50

100

150

200

250

J ASONDJ FMAMJ J

On-budget

receipts

Off-budget

receipts

On-budget

outlays

Off-budget

outlays

 

0

50

100

150

200

250

300

350

400

450

500

550

600

650

700

750

Individual

income taxes

Social

insurance

and

retirement

receipts

Corporate

income taxes

Excise taxes M isc.

receipts 

Estate/gift

taxes

Customs

duties

* Prior-year data are for the comparable year.

2004

2003 *

CHART FFO-B.—

Budget Receipts by Source, Fiscal Year to Date, 2003-2004

(In billions of dollars) 
FEDERAL FISCAL OPERATIONS 15

TABLE FFO-1.—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Fiscal year 

or month 

Total receipts

 (1) 

 Onbudget 

 receipts 

 (2) 

 Off-budget

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or 

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or 

deficit (-) 

(9) 

Means of 

financing 

– net transactions

Borrowing from

the public– 

Federal securities

Public debt 

securities 

(10) 

 

1999 ............................ 1,827,302 1,382,834 444,468 1,701,328 1,380,550 320,778 125,974 2,283 123,691 127,560 

2000 ............................ 2,025,060 1,544,477 480,583 r 1,788,441 r 1,457,678 330,765 r 236,619 r 86,801 149,818 23,761 

2001 ............................ 1,991,044 1,483,525 507,519 r 1,863,490 r 1,517,488 346,002 r 127,555 r -33,963 161,518 141,902 

2002 ............................ 1,853,051 1,337,730 515,321 r 2,010,862 r 1,655,199 355,663 r -157,811 r -317,469 159,658 428,391

2003 ............................ 1,782,108 r 1,258,265 523,842 2,156,334 r 1,793,324 363,010 r -374,226 r 535,059 160,833 561,811 

 

2004 - Est.................... 1,874,413 1,340,899 533,514 2,319,096 1,940,541 378,555 -444,683 -599,642 154,959 637,667 

2005 - Est.................... 2,091,400 1,513,691 577,709 2,422,646 2,025,421 397,225 -331,246 -511,730 180,484 619,251 

 

2003 - June ................. 193,043 143,831 49,212 171,814 171,907 -93 21,230 -28,075 49,305 112,268 

July .................. 123,551 84,007 39,544 177,792 r 142,542 35,249 -54,240 -58,535 4,295 79,210 

Aug .................. 114,243 73,765 40,478 190,830 r 150,911 39,920 -76,587 -77,175 558 38,838 

Sept................. 191,632 r 148,085 43,547 165,317 r 125,697 39,620 26,315 r 22,388 3,927 -6,331 

Oct................... 135,825 98,337 37,488 205,370 171,636 33,734 -69,545 -73,299 3,754 88,696 

Nov .................. 118,207 77,738 40,469 161,179 122,989 38,189 -42,971 -45,251 2,280 52,840 

Dec .................. 186,730 146,748 39,981 204,370 207,954 -3,584 -17,640 -61,206 43,566 73,172 

2004 - Jan ................... 185,169 133,254 51,915 186,552 149,707 36,845 -1,383 -16,452 15,070 14,176 

Feb .................. 92,009 50,494 41,515 188,709 148,964 39,744 -96,700 -98,471 1,771 82,305 

Mar .................. 132,425 86,979 45,446 205,112 165,431 39,681 -72,688 -78,453 5,765 39,686 

Apr................... 220,091 162,882 57,209 202,458 166,198 36,259 17,633 -3,317 20,950 1,178 

May.................. 115,450 72,010 43,440 177,913 138,570 39,342 -62,463 -66,561 4,098 61,589 

June................. 214,382 166,393 47,989 195,242 195,259 -17 19,140 -28,866 48,006 77,702 

 

Fiscal year 2004 to date ... 1,400,287 994,835 405,452 1,726,904 1,466,711 260,914 -326,617 -471,875 145,258 491,344 

 

Means of financing—net transactions, con. 

Borrowing from the publicFederal securities, con. Cash and monetary assets (deduct) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of 

Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve position

on the U.S. 

quota in the 

IMF (deduct) 

 (17) 

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

 

1999 ...................................... -854 r 216,070 -89,364 17,580 2,178 r -109 -1,173 r -18,741 r 607 -125,974 

2000 ...................................... -832 r 245,738 r -222,809 -3,799 4,033 3,185 -6,292 r -12,628 -4,056 r -236,619 

2001 ...................................... -661 r 231,496 r -90,256 -8,440 1,603 8,434 4,717 r -21,554 -9,430 r -127,555 

2002 ...................................... 159 r 207,713 r 220,542 16,667 790 r 15,716 2,457 r -24,298 -2,802 r 157,811 

2003 ...................................... r -922 r 187,324 r 373,565 -25,926 353 r -4,165 3,208 r -26,376 506 r 374,226 

 

2004 - Est.............................. -289 221,027 416,351 40 * * * 28,372 * 444,683 

2005 - Est.............................. -502 284,050 334,699 - * * * -3,453 * 331,246 

2003 - June ........................... 515 r 71,550 r 41,233 22,548 -160 r 34,107 -4 r -5,972 * r -21,230 

July ............................ r -20 -6,738 r 85,929 15,063 -75 r 25,951 -471 r 8,604 177 r 54,240 

Aug ............................ r 151 r -6,082 r 45,072 -39,662 -26 r -7,996 -547 r -16,703 -13 r 76,587 

Sept........................... r -586 16,917 r -23,834 29,513 443 r -28,246 1,875 r 1,006 99 r -26,315 

Oct............................. -197 23,863 64,637 2 17 r 4,755 -476 r 9,206 * 69,545 

Nov ............................ r -230 9,360 r 43,249 -13,565 164 r 213 28 r -13,438 * r 42,971 

Dec ............................ -1,097 61,362 10,714 11,785 395 r -9,048 -1,099 r 8,958 * r 17,640 

2004 - Jan ............................. r -448 10,159 r 3,568 9,304 -40 r 487 -636 r 6,805 126 r 1,383 

Feb ............................ 127 1,755 80,677 -25,779 89 r -3,014 -68 r -12,748 * r 96,700 

Mar ............................ 89 -11,874 51,649 4,567 4 r -17,379 -177 r 7,982 71 r 72,688 

Apr............................. -185 18,933 -17,941 19,163 -246 -49 -1,310 17,864 * -17,633 

May............................ -77 13,703 47,815 -24,582 237 69 -33 -9,661 - 62,463 

June........................... 282 66,038 11,946 28,760 -22 602 -221 -2,257 290 -19,140 

Fiscal year 2004 to date........... -1,731 193,299 296,314 9,655 597 -23,364 -3,992 12,712 487 326,617 

 

 

* Less than $500,000. Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on July 30, 2004. Detail may 

not add to totals due to rounding. 
16 FEDERAL FISCAL OPERATIONS 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Income taxes 

Individual Corporation 

Social insurance 

and retirement receipts

 Employment and general retirement 

Old-age, disability, and 

hospital insurance 

Fiscal year 

or month 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 Refunds 

 (10) 

 Net 

 (11) 

 

1999 .............................. 693,940 308,246 122,706 879,480 216,325 31,645 184,680 1,064,159 578,244 1,507 576,737 

2000 .............................. 780,397 358,110 134,046 1,004,461 235,655 28,367 207,288 1,211,750 618,076 1,965 616,111 

2001 .............................. 793,386 383,204 182,251 994,339 186,732 35,657 151,075 1,145,414 660,276 3,106 657,170 

2002 .............................. 750,754 286,956 179,365 858,345 211,439 63,396 148,044 1,006,389 665,381 1,011 664,370 

2003 .............................. 734,647 252,502 193,451 793,699 194,522 62,745 131,778 925,476 672,727 1,699 671,028 

 

2004 - Est...................... 816,296 - - 816,296 181,503 - 181,503 997,799 683,654 - 683,654 

2005 - Est...................... 913,103 - - 913,103 229,638 - 229,638 1,142,741 742,898 - 742,898 

 

2003 - June ................... 58,322 31,411 2,952 86,781 35,921 3,889 32,032 118,813 61,988 - 61,988 

July .................... 57,889 4,064 7,796 54,157 6,017 3,387 2,630 56,787 50,514 - 50,514 

Aug .................... 53,638 4,680 12,864 45,454 3,135 1,864 1,270 46,724 51,763 - 51,763 

Sept................... 56,739 37,116 4,366 89,490 34,484 4,139 30,344 119,834 57,150 1,699 55,451 

Oct..................... 62,308 8,000 2,664 67,644 12,652 8,980 3,672 71,316 49,131 - 49,131 

Nov .................... 53,801 2,616 6,773 49,644 3,035 2,837 198 49,843 53,182 - 53,182 

Dec .................... 75,560 7,577 1,723 81,414 44,059 4,756 39,303 120,717 52,592 - 52,592 

2004 - Jan ..................... 64,946 38,665 r 2,797 r 100,814 5,796 1,405 4,391 r 105,205 66,357 - 66,357 

Feb .................... 63,883 3,095 r 42,602 r 24,377 3,256 2,431 825 r 25,202 52,367 - 52,367 

Mar .................... 77,807 6,209 r 40,216 r 43,800 24,236 5,306 18,931 r 62,731 56,567 - 56,567 

Apr..................... 57,798 98,173 52,358 103,614 28,925 5,439 23,485 127,099 73,441 - 73,441 

May.................... 52,696 2,923 24,950 30,668 6,483 1,255 5,228 35,897 54,966 - 54,966 

June................... 65,944 31,289 2,793 94,440 46,392 2,086 44,307 138,747 60,930 - 60,930 

 

Fiscal year 2004 to date... 574,743 198,548 176,875 596,416 174,835 34,496 140,340 736,756 519,533 - 519,533 

 

Social insurance and retirement receipts, con. 

Employment and general retirement, con. Unemployment insurance Net for other insurance and retirement 

Railroad retirement 

Fiscal year 

or month 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

 

1999 ............................ 4,150 8 4,143 580,879 26,655 175 26,480 4,399 73 4,472 

2000 ............................ 4,345 8 4,337 620,447 27,755 115 27,641 4,693 70 4,763 

2001 ............................ 4,281 9 4,272 661,442 27,939 127 27,812 4,647 66 4,713 

2002 ............................ 4,185 8 4,177 668,548 27,746 127 27,620 4,533 61 4,594 

2003 ............................ 3,963 9 3,954 674,982 33,481 115 33,366 4,578 53 4,631 

 

2004 - Est.................... 3,829 - 3,829 687,483 39,016 - 39,016 4,690 46 4,736 

2005 - Est.................... 3,832 - 3,832 746,730 43,609 - 43,609 4,619 42 4,661 

 

2003 - June ................. -24 8 -32 61,956 951 71 880 355 5 360 

July.................. 403 * 403 50,917 2,534 14 2,520 349 4 353 

Aug.................. 326 * 326 52,089 3,962 19 3,943 426 4 430 

Sept................. 372 -7 379 55,830 1,789 -57 1,846 379 4 383 

Oct................... 367 * 366 49,497 1,841 11 1,829 403 5 408 

Nov.................. 331 -1 331 53,513 2,642 5 2,638 349 4 353 

Dec.................. 315 1 315 52,906 365 6 359 353 5 357 

2004 - Jan ................... 327 2 325 66,682 1,115 7 1,108 418 3 421 

Feb.................. 415 * 415 52,782 2,875 2 2,873 347 5 352 

Mar.................. 440 * 440 57,007 686 10 677 377 4 381 

Apr................... 301 * 301 73,742 6,719 28 6,691 410 4 414 

May ................. 349 1 348 55,314 12,752 11 12,741 348 5 353 

June ................ 74 * 74 61,005 1,139 10 1,129 347 5 352 

 

Fiscal year 2004 to date.... 2,921 5 2,916 522,449 30,134 89 30,045 3,352 39 3,391 

 

See footnote at end of table. 
FEDERAL FISCAL OPERATIONS 17

Net miscellaneous receipts 

Estate and gift taxes Customs duties Total receipts 

Fiscal year 

or month 

Excise 

taxes, con.

Net excise

taxes 

(35) 

Gross 

(36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

Deposits of

earnings by

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all other

(43) 

Total 

(44) 

On-budget 1

(45) 

Off-budget 

(46) 

1999 .......................... 70,399 28,386 603 27,782 19,486 1,150 18,336 25,917 8,864 34,781 1,382,834 444,468 

2000 .......................... 68,866 29,722 711 29,010 21,139 1,226 19,913 32,293 10,375 42,669 1,544,477 480,583 

2001 .......................... 66,232 29,248 848 28,400 20,295 927 19,368 26,124 11,541 37,664 1,483,525 507,519 

2002 .......................... 66,989 27,242 734 26,507 19,829 1,227 18,602 23,683 10,120 33,803 1,337,730 515,321 

2003 .......................... 67,522 22,827 868 21,959 21,032 1,170 19,862 21,878 r 12,431 r 34,309 r 1,258,265 523,842 

2004 - Est.................. 69,727 23,601 - 23,601 21,197 - 21,197 19,403 11,451 30,854 1,340,899 533,514 

2005 - Est.................. 72,655 22,266 - 22,266 22,726 - 22,726 24,729 11,283 36,012 1,513,691 577,709 

2003 - June ............... 5,583 1,466 60 1,406 1,690 84 1,606 1,401 1,038 2,440 r 143,831 49,212 

July................ 6,551 1,845 71 1,773 1,990 67 1,923 1,547 1,180 2,727 r 84,007 39,544 

Aug................ 5,601 1,575 85 1,491 1,898 71 1,827 1,160 978 2,138 r 73,765 40,478 

Sept............... 7,430 2,015 96 1,919 1,906 86 1,821 1,683 r 886 r 2,569 r 148,085 43,547 

Oct................. 4,632 2,259 68 2,191 2,024 42 1,982 2,930 1,041 3,970 98,337 37,488 

Nov................ 5,845 1,843 65 1,777 1,552 57 1,495 1,497 1,245 2,742 77,738 40,469 

Dec................ 5,877 1,899 81 1,818 1,674 77 1,597 2,138 961 3,099 146,748 39,981 

2004 - Jan ................. 5,424 2,055 21 2,034 1,696 28 1,668 1,522 1,105 2,627 r 133,254 51,915 

Feb ................ 5,102 1,652 63 1,590 1,585 62 1,523 1,528 1,057 2,585 r 50,494 41,515 

Mar ................ 5,670 2,242 84 2,159 1,811 64 1,747 1,157 896 2,053 r 86,979 45,446 

Apr................. 5,877 2,766 62 2,705 1,820 74 1,746 930 886 1,817 162,882 57,209 

May ............... 5,471 1,955 36 1,919 1,590 75 1,515 1,197 1,043 2,241 72,010 43,440 

June .............. 6,192 1,943 81 1,862 1,848 73 1,775 2,089 1,231 3,320 166,393 47,989 

Fiscal year 2004 to date. 50,090 18,615 561 18,053 15,601 552 15,048 14,988 9,467 24,455 994,835 405,452 

 

1 Details do not add to totals due to the fiscal year 2005 budget estimate of $20 billion for 

adjustment for revenue uncertainty. 

* Less than $500,000. 

Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on July 30, 2004. Detail may 

not add to totals due to rounding. 

TABLE FFO-2.—On-Budget and Off-Budget Receipts by Source, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Excise taxes 

Airport and Airway Trust Fund Black Lung Disability Trust 

Fund 

Highway Trust Fund Miscellaneous 

Fiscal year or month 

Social 

insurance 

and retirement

receipts, con.

Net social 

insurance and 

retirement 

receipts 

(22) 

Gross 

(23) 

Refunds 

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds 

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 

1999............................ 611,832 10,395 4 10,391 596 - 596 r 40,434 r 1,134 r 39,299 r 20,650 524 r 20,126

2000............................ 652,851 9,784 46 9,739 518 - 518 r 35,987 r 1,014 34,973 24,357 721 23,636

2001............................ 693,967 9,244 53 9,191 522 - 522 r 32,464 r 995 31,469 26,009 960 25,049

2002............................ 700,761 9,090 60 9,030 567 - 567 33,682 1,079 32,603 25,833 1,044 24,789

2003............................ 712,979 8,729 44 8,684 506 - 506 r 34,756 1,032 33,724 25,499 891 24,608 

2004 - Est ................... 731,235 9,745 - 9,745 545 - 545 34,923 - 34,923 24,514 - 24,514

2005 - Est ................... 795,000 10,294 - 10,294 559 - 559 36,876 - 36,876 24,926 - 24,926 

2003 - June................. 63,197 660 * 660 5 - 5 2,292 2 2,290 2,701 73 2,628

July.................. 53,790 747 - 747 48 - 48 2,858 - 2,858 2,981 83 2,898

Aug.................. 56,462 842 16 826 45 - 45 3,263 287 2,976 1,793 39 1,754

Sept................. 58,056 1,370 10 1,361 80 - 80 5,777 165 5,612 451 74 377

Oct .................. 51,734 123 - 123 7 - 7 470 - 470 4,067 34 4,032

Nov.................. 56,504 838 - 838 49 - 49 3,366 - 3,366 1,676 84 1,593

Dec.................. 53,623 794 - 794 43 - 43 3,011 - 3,011 2,126 98 2,029

2004 - Jan................... 68,211 731 - 731 43 - 43 2,934 - 2,934 1,751 35 1,716

Feb.................. 56,007 719 26 693 41 - 41 2,782 323 2,459 2,000 92 1,908

Mar.................. 58,065 679 - 679 47 - 47 2,804 - 2,804 2,232 92 2,140

Apr .................. 80,847 792 - 792 46 - 46 3,057 - 3,058 2,046 63 1,983

May ................. 68,408 753 16 737 46 - 46 2,917 261 2,656 2,079 48 2,032

June ................ 62,486 706 - 706 50 - 50 2,056 - 2,056 3,487 106 3,381 

Fiscal year 2004 to date.. 555,885 6,134 42 6,092 371 - 37 23,397 585 22,813 21,466 652 20,813

 
18 FEDERAL FISCAL OPERATIONS 

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

Department of 

Education 

(6) 

Department of 

Energy 

(7) 

Department of 

Health 

and 

Human 

Services 

(8) 

Department of 

Homeland 

Security 1 

(9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

Department of 

the 

Interior 

(11) 

Department

of 

Justice 

(12) 

 Depart-

 ment of

 Labor 

 (13) 

 

1999 ..................... 2,612 3,793 62,839 5,036 261,379 31,492 16,054 359,700 11,797 32,736 7,814 16,311 r 33,013

2000 ..................... 2,913 r 4,086 75,658 7,929 281,234 33,309 15,010 382,627 r 12,365 30,829 8,022 17,377 r 31,876

2001 ..................... 3,030 r 4,408 68,156 5,017 291,030 35,724 16,420 426,391 r 14,086 33,937 7,876 18,868 r 39,757

2002 ..................... 3,243 r 4,823 68,989 5,322 332,116 46,286 17,772 466,104 15,980 31,880 9,741 r 20,408 r 64,703

2003 ..................... r 3,420 5,123 72,467 5,680 388,891 r 57,400 19,385 505,410 31,843 37,470 9,204 r 21,775 r 69,592

 

2004 - Est............. 4,269 5,358 75,526 6,194 434,087 65,498 20,617 551,730 30,703 46,297 9,716 26,031 56,713

2005 - Est............. 4,376 5,906 78,719 6,147 448,000 67,063 22,528 582,913 31,115 39,359 9,353 22,966 52,899

 

2003 - June .......... 300 417 3,625 443 32,046 5,185 1,884 40,286 2,079 5,082 904 1,602 r 5,581

July ........... 233 408 4,834 428 33,397 2,816 2,773 43,828 1,965 2,735 804 1,718 r 6,424

Aug ........... 270 512 4,676 555 37,418 3,539 1,571 45,246 2,766 2,795 719 r 1,865 r 5,786

Sept .......... r 315 434 5,480 689 33,330 r 6,521 1,384 39,731 3,608 2,555 1,233 r 2,332 r 5,322

Oct............ 405 478 11,276 419 37,759 4,570 2,166 48,572 2,381 3,347 428 2,178 5,505

Nov ........... 290 384 7,353 479 29,239 3,881 1,332 35,965 2,094 2,886 662 1,836 4,587

Dec ........... 331 437 8,188 498 40,716 5,134 1,871 50,878 2,144 3,337 835 1,971 6,166

2004 - Jan ............ 291 512 6,689 359 35,929 7,460 1,376 r 42,526 1,985 3,062 568 1,918 6,186

Feb ........... 283 435 5,020 439 30,590 5,767 1,219 r 38,395 1,942 2,641 507 1,930 4,484

Mar ........... 314 428 6,112 606 38,734 4,553 1,501 r 50,068 2,404 3,342 1,058 2,527 5,269

Apr............ 309 478 4,281 411 40,731 4,484 2,493 50,117 2,214 3,074 630 2,080 4,852

May........... 283 381 3,252 451 31,484 4,413 1,385 40,130 1,686 10,077 595 2,637 4,283

June.......... 317 457 4,677 474 37,116 5,154 1,869 50,444 2,620 3,962 952 3,420 4,310

 

Fiscal year 2004 

 to date..................... 2,823 3,990 56,850 4,136 322,298 45,416 15,211 407,096 19,469 35,727 6,234 20,497 45,642

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

 (15) 

Department

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department 

of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

 of the 

President 

(22) 

Federal 

Emergency 

Management

Agency 

(23) 

General 

Services 

Administration 

(24) 

International 

Assistance 

Program 

(25) 

 

1999 ..................... 6,463 37,757 352,841 31,522 43,169 4,186 32,008 6,752 416 - -46 10,061 

2000 ..................... 6,849 41,592 361,998 26,574 47,087 4,334 32,861 7,240 249 - 25 12,084 

2001 ..................... 7,446 49,372 359,508 27,416 45,043 4,726 34,161 7,390 246 - -8 11,771 

2002 ..................... 9,453 56,112 332,537 r 38,021 50,881 4,798 r 35,158 7,450 453 - -271 13,309 

2003 ..................... 9,257 50,808 318,149 r 48,374 56,892 4,749 39,881 8,065 388 - r 323 13,466 

 

2004 - Est............. 11,301 58,010 320,965 53,799 59,372 4,308 41,881 8,379 2,739 - 778 16,476 

2005 - Est............. 11,109 58,959 350,576 49,120 66,883 4,193 42,350 8,283 9,327 - 581 17,486 

 

2003 - June .......... 546 5,042 82,734 6,649 2,164 324 3,461 642 33 - 266 1,091 

July........... 735 5,098 11,035 2,490 4,779 379 3,312 649 30 - -4 1,142 

Aug........... 767 5,139 16,176 977 7,424 338 3,183 734 37 - -213 1,335 

Sept.......... 557 6,040 13,170 r -7,347 2,722 414 3,344 802 74 - r -73 -462 

Oct............ 1,234 4,814 13,312 6,071 7,065 655 3,656 600 37 - 17 1,067 

Nov........... 987 3,759 19,292 1,985 2,514 382 3,265 704 182 - -181 867 

Dec........... 876 4,480 82,436 2,777 7,173 417 3,704 810 108 - 72 225 

2004 - Jan ............ 613 3,435 13,004 r 4,216 5,432 337 3,366 594 278 - -120 r 962 

Feb........... 717 3,632 15,151 r 23,500 2,926 338 3,400 637 100 - -122 r 4,280 

Mar........... 1,118 3,956 14,097 r 9,877 3,143 267 3,850 829 61 - 130 r 1,249 

Apr............ 896 3,891 12,755 5,160 7,508 443 3,505 649 153 - 359 1,561 

May .......... 844 4,484 20,433 3,119 2,661 318 3,312 622 224 - -233 396 

June ......... 889 4,663 84,469 696 5,091 263 3,604 705 201 - -42 1,746 

 

Fiscal year 2004 

 to date ...................... 8,174 37,114 274,948 57,401 43,512 3,422 31,662 6,151 1,343 - -119 12,351 

 

See footnote at end of table.
FEDERAL FISCAL OPERATIONS 19

TABLE FFO-3.—On-Budget and Off-Budget Outlays by Agency, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Undistributed offsetting receipts 

Total outlays 

Fiscal year 

or month 

National 

Aeronautics 

and 

Space 

Administration 

(26) 

National

Science 

Foundation 

(27) 

Office of 

Personnel 

Management 

(28) 

Small 

Business 

Administration 

(29) 

Social 

Security 

Administration 

(30) 

Independent 

agencies 

 (31) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Onbudget 

(36) 

Offbudget 

(37) 

 

1999 .......................... 13,665 3,285 47,515 58 r 419,236 6,903 -35,594 -118,593 -3,098 -1,754 1,380,550 320,778 

2000 .......................... 13,443 3,487 48,660 -422 r 441,289 r 10,879 -37,851 -129,088 -4,580 -1,502 r 1,457,678 330,765 

2001 .......................... 14,094 3,691 50,916 -569 r 461,261 r 13,449 -38,792 -144,112 -7,194 -1,025 r 1,517,488 346,002 

2002 .......................... 14,429 4,187 52,512 492 r 488,242 r 15,854 -42,782 -153,316 -5,024 -2 r 1,655,199 355,663 

2003 .......................... 14,552 4,735 54,135 1,559 r 507,734 r 6,098 -49,351 -156,111 -5,029 * r 1,793,324 363,010 

 

2004 - Est.................. 14,604 5,346 57,329 4,044 531,387 9,874 -53,990 -154,467 -5,778 - 1,940,541 378,555 

2005 - Est.................. 16,374 5,586 61,325 683 557,886 16,984 -57,274 -162,152 -6,110 -100 2,025,421 397,225 

 

2003 - June ............... 1,278 439 4,630 52 r 43,448 r -3,015 -4,339 -72,201 -864 * r 171,907 -93 

July................ 1,166 464 4,993 58 r 42,251 1,187 r -4,129 179 -387 - r 142,542 35,249 

Aug................ 1,176 544 4,128 40 r 45,418 r 2,504 -4,493 -2,035 -66 - r 150,911 39,920 

Sept............... 1,613 461 4,598 50 r 39,970 r 1,715 -4,387 -142 -736 * r 125,697 39,620 

Oct................. 878 410 4,878 59 45,360 r 431 -4,367 -30 -262 * 171,636 33,734 

Nov................ 1,191 389 4,341 82 39,685 -421 -4,184 -4,462 -185 * r 122,989 38,189 

Dec................ 1,378 381 4,907 68 46,021 r 732 -4,114 -70,011 -577 - r 207,954 -3,584 

2004 - Jan ................. 913 373 4,546 48 r 43,407 r 913 -4,610 79 -92 * r 149,707 36,845 

Feb................ 1,151 401 4,344 72 41,157 r -680 -4,173 -1,491 -284 - r 148,964 39,744 

Mar................ 1,529 394 4,921 3,465 43,971 r 590 -4,512 -20 -719 - r 165,431 39,681 

Apr................. 1,207 379 4,898 51 47,221 1,058 -4,763 -13 -613 * 166,198 36,259 

May ............... 1,353 368 4,577 58 42,157 1,651 -4,907 -4,480 -98 * 138,570 39,342 

June .............. 1,284 492 5,258 -10 48,028 -1,109 -4,521 -71,298 -939 * 195,259 -17 

Fiscal year 2004 

 to date ..................... 10,883 3,587 42,669 3,894 397,007 3,165 -40,150 -151,728 -3,770 * 1,466,711 260,194 

 

 1 The Department of Homeland Security was established on March 1, 2003, pursuant to 

Public Law 107-296, the Homeland Security Act of 2002, which was enacted on November 

25, 2002. Activity previously reported as the Immigration and Naturalization Service, 

Department of Justice; the Transportation Security Administration, Department of 

Transportation; the Coast Guard, Department of Transportation; the Federal Law 

Enforcement Training Center, Department of the Treasury; the United States Customs 

Service, Department of the Treasury; the United States Secret Service, Department of the 

Treasury; and the Federal Emergency Management Agency is now included in the 

Department of Homeland Security. 

* Less than $500,000. 

Note.—These figures are based on the Mid-Session Review of the Fiscal Year 2005 

Budget, released by the Office of Management and Budget on July 30, 2004. Detail may 

not add to totals due to rounding. 
20 FEDERAL FISCAL OPERATIONS 

TABLE FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2004 and Other Periods 

[In millions of dollars. Source: Financial Management Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 596,363 54 - 596,416 604,544 53 - 604,597

Corporation income taxes ........................................... 140,339 - * 140,340 97,632 - -99 97,533

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 405,452 405,452 - - 400,274 400,274

Employment and general retirement (on-budget)... - - 116,997 116,997 - - 115,872 115,872

Unemployment insurance ....................................... - - 30,045 30,045 - - 25,057 25,057

Other retirement...................................................... - - 3,391 3,391 - - 3,466 3,466

Excise taxes ................................................................ 19,811 448 29,830 50,090 18,616 439 28,886 47,940

Estate and gift taxes ................................................... 18,053 - - 18,053 16,776 - - 16,776

Customs duties ........................................................... 9,873 4,550 625 15,048 9,257 4,420 615 14,292

Miscellaneous receipts................................................ 16,486 7,420 549 24,455 18,721 7,696 458 26,875

Total receipts....................................................... 800,925 12,472 586,890 1,400,287 765,546 12,607 574,528 1,352,681

(On-budget)..................................................... 800,925 12,472 181,438 994,835 765,546 12,607 174,254 952,408

(Off-budget)..................................................... - - 405,452 405,452 - - 400,274 400,274

 

Budget outlays: 

Legislative branch ....................................................... 2,726 105 -8 2,823 2,477 102 23 2,602

Judicial branch ............................................................ 3,858 129 3 3,990 3,594 182 -6 3,770

Department of Agriculture ........................................... 47,356 9,599 -105 56,850 42,695 14,946 -164 57,477

Department of Commerce........................................... 4,162 -27 * 4,136 4,069 -63 2 4,008

Department of Defense-military .................................. 320,124 2,122 52 322,298 282,882 1,881 -19 284,745

Department of Education ............................................ 45,581 -166 * 45,416 44,550 -27 * 44,523

Department of Energy................................................. 16,675 -1,464 * 15,211 16,340 -2,684 * 13,656

Department of Health and Human Services ............... 290,562 -75 116,609 407,096 260,452 -19 116,172 376,605

Department of Homeland Security.............................. 20,683 -1,378 164 19,469 24,796 -1,463 171 23,504

Department of Housing and Urban Development....... 35,821 -89 -4 35,727 29,311 81 -7 29,386

Department of the Interior........................................... 6,985 -1,015 264 6,234 6,901 -675 222 6,448

Department of Justice ................................................. 19,503 818 176 20,497 14,803 848 209 15,860

Department of Labor ................................................... 8,106 403 37,133 45,642 8,300 -418 44,178 52,060

Department of State.................................................... 7,625 185 364 8,174 6,917 -8 290 7,199

Department of Transportation..................................... 3,373 57 33,685 37,114 -59 -215 34,805 34,531

Department of the Treasury: 

Interest on the public debt....................................... 274,948 * - 274,948 277,768 - - 277,768

Other ....................................................................... 57,928 -598 71 57,401 50,801 1,376 77 52,254

Department of Veterans Affairs .................................. 44,199 -1,416 728 43,512 42,663 -1,396 701 41,967

Corps of Engineers ..................................................... 2,781 185 455 3,422 2,924 148 546 3,618

Other defense civil programs...................................... 34,513 -12,366 9,514 31,662 32,355 -11,131 8,818 30,042

Environmental Protection Agency............................... 6,390 -77 -163 6,151 5,572 -30 337 5,880

Executive Office of the President................................ 1,343 * - 1,343 246 * * 247

General Services Administration ................................ 130 -249 - -119 773 -160 * 613

International Assistance Program............................... 13,653 -807 -495 12,351 12,259 -1,056 249 11,452

National Aeronautics and Space Administration ........ 10,882 - * 10,883 10,595 - * 10,596

National Science Foundation...................................... 3,526 24 37 3,587 3,225 23 17 3,265

Office of Personnel Management ............................... 5,846 26 36,797 42,669 5,086 36 35,293 40,415

Small Business Administration ................................... 3,923 -29 * 3,894 1,494 -83 * 1,410

Social Security Administration .................................... 36,747 * 360,260 397,007 35,043 - 345,051 380,094

Other independent agencies....................................... 6,019 -3,214 360 3,165 3,373 -4,195 1,514 693

Undistributed offsetting receipts: 

Interest .................................................................... - - -151,728 -151,728 - - -154,113 -154,113

Other ....................................................................... -3,773 -6,639 -33,509 -43,921 -3,842 -6,055 -30,285 -40,182

Total outlays........................................................ 1,332,198 -15,955 410,661 1,726,904 1,228,364 -10,052 404,083 1,622,395

(On-budget)..................................................... 1,332,198 -10,546 145,059 1,466,711 1,228,364 -3,619 149,429 1,374,175

(Off-budget)..................................................... - -5,408 265,602 260,194 - -6,433 254,654 248,221

Surplus or deficit (-)............................................. -531,272 28,426 176,229 -326,617 -462,818 22,659 170,446 -269,714

(On-budget)..................................................... -531,272 23,018 36,379 -471,875 -462,818 16,226 24,826 -421,767

(Off-budget)..................................................... - 5,408 139,850 145,258 - 6,433 145,620 152,053

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
21

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Public 

Debt, and various electronic systems. As the FRB accounts 

are depleted, funds are called in (withdrawn) from thousands 

of tax and loan accounts at financial institutions throughout 

the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 

[In millions of dollars. Source: Financial Management Service] 

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 1 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 2 

(3) 

Taxes 3 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

1999 ................................................ 4,893,279 259,019 5,150,608 1,048,120 1,032,230 

2000 ................................................ 4,921,490 253,060 5,172,731 1,189,835 1,195,453 

2001 ................................................ 5,050,444 340,364 5,389,954 1,271,952 1,281,245 

2002 ................................................ 6,160,448 367,327 6,529,692 1,231,160 1,212,577 

2003 ................................................ 6,450,164 426,493 6,877,311 1,148,226 1,173,496 

 

2003 - June ..................................... 588,029 45,627 633,223 104,004 81,890 

July ...................................... 499,158 37,336 537,077 79,231 63,584 

Aug ...................................... 505,571 33,002 540,340 74,312 112,207 

Sept..................................... 560,606 42,984 600,955 101,488 74,610 

Oct....................................... 577,409 38,507 617,030 84,358 83,242 

Nov ...................................... 469,451 34,485 504,133 76,035 89,403 

Dec ...................................... 574,316 49,324 623,829 123,685 111,711 

2004 - Jan ....................................... 556,290 38,277 596,105 93,603 82,760 

Feb ...................................... 583,637 34,728 616,036 84,920 113,028 

Mar ...................................... 606,819 42,866 650,315 113,704 108,509 

 Apr....................................... 694,764 41,609 735,865 107,192 88,537 

May ..................................... 522,420 30,342 554,517 82,997 105,823 

June .................................... 659,073 43,553 701,230 123,501 96,136 

 

See footnotes at end of table. 
22 ACCOUNT OF THE U.S. TREASURY 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, con. 

[In millions of dollars. Source: Financial Management Service] 

Balances 

 During period 

End of period High Low Average 

Fiscal year or month 

Federal 

Reserve 

(6) 

Tax and loan 

note accounts 

(7) 

Federal 

Reserve 

(8) 

Tax and loan 

note accounts 

(9) 

Federal 

Reserve 

(10) 

Tax and loan 

note accounts 

(11) 

Federal 

Reserve 

(12) 

Tax and loan 

note accounts 

(13) 

 

1999 ...................................... 6,641 49,817 10,305 65,585 3,777 100 5,645 20,562 

2000 ...................................... 8,459 44,199 29,444 82,705 3,372 45 6,320 30,829 

2001 ...................................... 9,796 34,423 14,460 68,650 3,446 97 5,656 18,420 

2002 ...................................... 7,879 53,007 13,688 61,680 2,593 44 5,552 21,097 

2003 ...................................... 7,224 27,735 10,583 43,432 2,986 39 5,828 11,195 

 

2003 - June ........................... 6,939 23,106 9,523 31,215 5,306 683 6,747 12,443 

July ............................ 6,356 38,752 7,056 38,752 5,352 2,784 6,213 13,479 

Aug ............................ 4,589 857 6,533 11,890 4,589 95 5,599 6,423 

Sept........................... 7,224 27,735 7,963 43,432 4,019 857 6,206 18,186 

Oct............................. 6,110 28,852 6,134 30,278 3,072 156 4,934 12,065 

Nov ............................ 5,912 15,484 6,110 28,852 3,980 987 5,143 10,092 

Dec ............................ 5,723 27,458 7,455 39,029 3,590 37 5,257 16,936 

2004 - Jan ............................. 4,184 38,301 7,740 51,834 4,184 1,885 5,587 24,314 

Feb ............................ 6,513 10,194 6,513 40,535 3,885 4,667 5,269 15,774 

Mar ............................ 5,884 15,390 6,538 31,842 4,404 2,536 5,429 14,264 

Apr............................. 6,392 34,044 7,900 47,271 4,242 59 6,045 16,366 

May............................ 4,637 11,218 6,392 34,044 4,247 6,391 5,356 13,362 

June........................... 6,032 38,582 7,323 46,696 1,592 19 5,741 20,897 

 

 1

 Represents transfers from tax and loan note accounts, proceeds from sales of securities other 

than Government account series, and taxes. 

2

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions 

of securities other than Government account series, and investment (transfer) of excess funds 

out of this account to the tax and loan note accounts. 

3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan depositaries 

as follows: withheld income taxes beginning March 1948; taxes on employers and employees 

under the Federal Insurance Contributions Act beginning January 1950 and under 

the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment 

Tax Act taxes beginning April 1970; and individual estimated income taxes 

beginning October 1988. 
23

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” tables FD-2 and 

FD-6 from the “Monthly Statement of the Public Debt of the 

United States.” Effective June 2001, FMS revised 

procedures and categories in these tables to agree with the 

Bureau of the Public Debt’s publication changes. 

• Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

• Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

• Table FD-2 (Historical) categorizes by type interestbearing marketable and nonmarketable Treasury securities. 

The difference between interest-bearing and total public debt 

securities reflects outstanding matured Treasury securities—

that is, unredeemed securities that have matured and are no 

longer accruing interest. Because the Federal Financing 

Bank is under the supervision of Treasury, its securities are 

held by a U.S. Government account. 

• In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

• Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

• Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

• In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

• In table FD-6 (Historical), the same debt 

information is compared as in table FD-6. Changes in the 

non-interest-bearing debt shown in the last column reflect 

maturities of Treasury securities on nonbusiness days, which 

can be redeemed on the next business day. 

• Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
24 FEDERAL DEBT 

TABLE FD-1.—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Securities held by 

Amount outstanding Government accounts The public 

End of fiscal 

year or month 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

1999............................... 5,684,776 5,656,271 28,505 1,989,308 1,988,674 634 3,695,468 3,667,597 27,871 

2000............................... 5,701,851 5,674,178 27,672 2,235,763 r 2,235,712 r 51 3,466,088 3,438,416 27,672 

2001............................... 5,834,475 5,807,464 27,011 2,468,757 2,468,757 - 3,365,718 3,338,707 27,011 

2002............................... r 6,255,111 6,228,236 r 26,874 2,675,648 2,675,648 - r 3,579,463 3,552,589 r 26,874 

2003............................... r 6,809,272 6,783,320 r 25,952 2,859,291 2,859,291 - r 3,949,981 3,924,029 r 25,952 

 

2003 - June.................... r 6,696,528 6,670,121 r 26,406 2,853,842 2,853,842 - r 3,842,686 3,816,279 r 26,406 

July..................... r 6,777,582 6,751,195 r 26,387 2,848,868 2,848,868 - r 3,928,714 3,902,327 r 26,387 

Aug .................... r 6,816,579 6,790,041 r 26,538 2,842,735 2,842,735 - r 3,973,844 3,947,306 r 26,538 

Sept.................... r 6,809,272 6,783,320 r 25,952 2,859,291 2,859,291 - r 3,949,981 3,924,029 r 25,952 

Oct ..................... r 6,898,431 6,872,676 r 25,755 2,883,433 2,883,433 - r 4,014,998 3,989,243 r 25,755 

Nov..................... r 6,950,591 6,925,066 r 25,525 2,893,152 2,892,313 840 r 4,057,439 4,032,753 r 24,685 

Dec..................... r 7,022,392 6,997,964 r 24,428 2,954,451 2,953,910 540 r 4,067,941 4,044,054 r 23,888 

2004 - Jan...................... r 7,033,215 7,009,235 r 23,980 2,964,456 2,964,219 237 r 4,068,759 4,045,016 r 23,743 

Feb..................... r 7,116,051 7,091,943 r 24,107 2,966,503 2,966,503 - r 4,149,548 4,125,440 r 24,107 

Mar..................... r 7,155,263 7,131,068 r 24,195 2,954,401 2,954,401 - r 4,200,862 4,176,667 r 24,195 

Apr ..................... 7,157,799 7,133,789 24,010 2,974,990 2,974,990 - 4,182,809 4,158,799 24,010 

May .................... 7,220,322 7,196,383 23,939 2,989,498 2,989,498 - 4,230,824 4,206,885 23,939 

June ................... 7,298,557 7,274,335 24,221 3,055,601 3,055,601 - 4,242,956 4,218,734 24,221 

 

Federal debt securities Securities held by Government accounts Securities held by the public 

End of fiscal 

year or month 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

1999 ............................... 5,684,776 79,367 5,605,409 1,989,308 16,148 1,973,160 3,695,468 63,219 3,632,249

2000 ............................... 5,701,851 73,513 5,628,338 2,235,763 r 16,865 r 2,218,895 3,466,088 r 56,648 r 3,409,440

2001 ............................... 5,834,475 r 64,896 5,769,579 2,468,757 r 18,363 r 2,450,394 3,365,719 r 46,533 r 3,319,184

2002 ............................... r 6,255,111 57,278 r 6,197,833 2,675,648 r 17,541 r 2,658,107 r 3,579,463 r 39,737 r 3,539,726

2003 ............................... r 6,809,272 50,551 r 6,758,722 2,859,291 r 13,860 r 2,845,430 r 3,949,981 r 36,691 r 3,913,291

 

2003 - June .................... r 6,696,528 49,068 r 6,647,460 2,853,842 r 12,508 r 2,841,334 r 3,842,686 r 36,561 r 3,806,126

July ..................... r 6,777,582 50,933 r 6,726,649 2,848,868 r 14,273 r 2,834,595 r 3,928,714 r 36,660 r 3,892,054

Aug ..................... r 6,816,579 50,940 r 6,765,639 2,842,735 r 14,221 r 2,828,514 r 3,973,844 r 36,719 r 3,937,125

Sept.................... r 6,809,272 r 50,551 r 6,758,722 2,859,291 r 13,860 r 2,845,430 r 3,949,981 r 36,691 r 3,913,291

Oct...................... r 6,898,431 r 51,210 r 6,847,221 r 2,883,433 r 14,140 r 2,869,293 r 4,014,998 r 37,071 r 3,977,927

Nov ..................... r 6,950,591 50,760 r 6,899,830 2,893,152 r 14,499 r 2,878,653 r 4,057,439 r 36,261 r 4,021,178

Dec ..................... r 7,022,392 50,487 r 6,971,905 2,954,451 r 14,436 r 2,940,015 r 4,067,941 r 36,051 r 4,031,890

2004 - Jan ...................... r 7,033,215 47,582 r 6,985,633 2,964,456 r 14,282 r 2,950,174 r 4,068,759 r 33,300 r 4,035,458

Feb ..................... r 7,116,051 47,984 r 7,068,067 2,966,503 r 14,573 r 2,951,930 r 4,149,548 r 33,411 r 4,116,137

Mar ..................... r 7,155,263 47,423 r 7,107,840 2,954,401 r 14,345 r 2,940,056 r 4,200,862 r 33,078 r 4,167,784

Apr...................... 7,157,799 48,967 7,108,832 2,974,990 16,001 2,958,989 4,182,809 32,966 4,149,843

May..................... 7,220,322 49,972 7,170,350 2,989,498 16,806 2,972,692 4,230,824 33,166 4,197,658

June.................... 7,298,557 50,221 7,248,335 3,055,601 16,872 3,038,730 4,242,956 33,349 4,209,605

 
FEDERAL DEBT 25

 Nonmarketable, con. 

End of fiscal 

year or month 

U.S. 

savings 

securities 

(8) 

Depositary 

compensation 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

2001 ....................................... 186,464 - 18,269 39,488 146,364 29,995 3,505 

2002 ....................................... 193,312 - 12,519 47,605 144,286 29,995 4,107 

2003 ....................................... 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

 

2003 - June ............................ 199,181 - 11,657 52,559 140,497 29,995 4,237 

July............................. 200,036 44,701 11,557 52,997 146,673 29,995 4,237 

Aug............................. 200,773 44,701 11,107 53,365 149,855 29,995 4,251 

Sept............................ 201,561 14,991 11,007 53,463 148,366 29,995 4,377 

Oct.............................. 203,010 20,662 11,007 53,446 149,094 29,995 4,392 

Nov............................. 203,585 20,662 9,857 53,519 148,346 29,995 4,290 

Dec............................. 203,862 18,812 9,702 53,569 149,189 29,995 4,241 

2004 - Jan .............................. 204,254 18,812 5,881 53,088 147,438 29,995 4,241 

Feb ............................. 204,518 16,330 6,731 53,612 147,603 29,995 4,223 

Mar ............................. 204,465 - 6,731 54,714 155,712 29,995 4,332 

Apr.............................. 204,539 - 6,731 54,521 161,634 29,995 4,420 

May ............................ 204,666 - 6,431 56,135 161,058 29,995 4,416 

June............................ 204,631 - 6,431 56,514 161,474 29,995 4,571 

 

 

TABLE FD-2.—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total public debt 

securities 

outstanding 

(1) 

Total 

(2) 

Bills 

(3) 

Notes 

(4) 

Bonds 

(5) 

Inflation-indexed 

notes and bonds 

(6) 

Nonmarketable 

Total 

(7) 

 

2001 .................................. 3,339,310 2,915,225 734,856 1,432,956 612,521 134,891 424,085 

2002 .................................. 3,553,180 3,121,357 868,220 1,521,572 592,695 138,870 431,823 

2003 .................................. 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

 

2003 - June ....................... 3,816,831 3,378,705 927,754 1,713,723 582,197 155,032 438,126 

July........................ 3,902,894 3,412,697 937,012 1,727,709 582,194 165,782 490,196 

Aug........................ 3,947,860 3,453,812 961,642 1,749,631 576,601 165,939 494,047 

Sept....................... 3,924,090 3,460,330 918,196 1,799,424 576,590 166,120 463,760 

Oct......................... 3,990,508 3,518,901 943,890 1,822,640 576,586 175,784 471,607 

Nov........................ 4,032,905 3,562,650 954,723 1,867,370 564,199 176,358 470,254 

Dec........................ 4,044,244 3,574,873 928,768 1,905,725 564,186 176,193 469,371 

2004 - Jan ......................... 4,045,201 3,581,490 907,841 1,921,742 564,180 187,727 463,711 

Feb ........................ 4,125,593 3,662,580 958,164 1,952,714 564,174 187,527 463,014 

Mar ........................ 4,176,874 3,720,923 984,940 1,983,437 564,171 188,376 455,951 

Apr......................... 4,158,978 3,697,136 933,396 2,001,114 564,169 198,457 461,842 

May ....................... 4,207,088 3,744,385 958,051 2,030,669 555,934 199,731 462,703 

June....................... 4,218,910 3,755,294 946,759 2,052,221 555,923 200,391 463,617 

 
26 FEDERAL DEBT 

TABLE FD-2.—Interest-Bearing Public Debt (Historical) 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Marketable 

End of fiscal 

year or month 

Total interestbearing public 

debt 

(1) 

Total 

(2) 

Treasury 

bills 

(3) 

Treasury 

notes 

(4) 

Treasury 

bonds 

(5) 

Treasury 

inflation-indexed 

notes and bonds 

(6) 

Federal 

Financing 

Bank 

(7) 

Nonmarketable

Total 

(8) 

 

1999 .................................. 5,647,241 3,232,998 653,165 1,828,775 643,695 92,365 15,000 2,414,242 

2000................................... 5,622,092 2,992,752 616,174 1,611,326 635,263 114,988 15,000 2,629,341 

 

Nonmarketable, con. 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Foreign series 

(10) 

Government 

account series 

(11) 

State and local 

government series 

(12) 

Domestic 

series 

(13) 

Other 

(14) 

 

1999 ...................................... 180,019 30,970 2,005,166 168,091 29,995 1 

2000 ...................................... 177,724 25,431 2,242,900 153,288 29,996 1 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 27

End of fiscal 

year or month 

Federal Savings

and Loan 

Corporation, 

Resolution Fund

(11) 

Federal 

Supplementary Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Treasury 

deposit 

funds 

(17) 

 Unemploy- 

 ment Trust 

 Fund 

 (18) 

Other 

(19) 

 

1999 ..................... 2,304 26,528 28,083 11,954 - 22,347 71 77,357 264,153 

2000 ..................... 2,508 45,075 31,023 11,804 1,086 22,628 62 86,399 266,154 

2001 ..................... 2,650 41,978 24,115 11,639 - 24,983 - 88,638 297,775 

2002 ..................... 2,800 38,804 18,840 11,465 1,430 23,383 - 68,265 316,362 

2003 ..................... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

 

2003 - June .......... 2,946 31,474 15,300 11,508 3,958 507 - 52,854 357,491 

 July ........... 2,956 30,504 15,430 11,425 4,648 471 - 49,348 357,162 

 Aug ........... 2,962 27,622 14,516 11,351 3,499 297 - 50,114 358,827 

 Sept.......... 2,963 24,849 13,578 11,246 2,651 503 - 48,188 356,349 

 Oct............ 2,935 21,952 14,389 11,169 644 760 - 44,908 387,669 

 Nov ........... 2,949 23,071 14,504 11,106 650 653 - 44,742 392,110 

 Dec ........... 2,951 23,711 15,811 11,394 914 669 - 41,519 389,892 

2004 - Jan ............ 2,953 24,925 16,870 11,301 550 662 - 37,353 386,947 

 Feb ........... 2,954 26,800 16,117 11,202 550 576 - 36,105 388,316 

 Mar ........... 2,950 26,431 14,669 11,102 553 482 - 32,684 387,525 

 Apr............ 2,953 24,317 15,383 11,012 551 530 - 31,373 332,089 

 May........... 2,953 26,331 15,785 10,938 550 385 - 44,811 336,287 

 June.......... 2,955 26,032 13,628 11,208 941 424 - 43,871 334,781 

 

Note.—Detail may not add to totals due to rounding. 

TABLE FD-3.—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Bank 

Insurance 

Fund 

(3) 

Employees 

Life Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

Federal 

Old-Age and 

Survivors 

Insurance Trust

Fund 

(10) 

 

1999 .............. 2,005,166 12,414 28,359 20,755 12,382 92,622 474,692 153,767 15,152 762,226 

2000 .............. 2,242,900 13,097 29,126 22,372 11,029 113,667 507,225 168,859 17,267 893,519 

2001 .............. 2,492,141 13,660 30,277 23,690 10,014 135,801 538,381 197,137 17,289 1,034,114 

2002 .............. 2,707,295 10,997 30,542 25,350 9,717 155,256 570,168 228,906 21,251 1,173,759 

2003 .............. 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

 

2003 - June ... 2,905,466 11,762 31,021 26,348 10,636 170,676 599,525 252,485 23,460 1,303,515 

 July .... 2,900,910 11,855 30,918 26,475 10,563 170,994 596,712 250,932 23,458 1,307,059 

 Aug .... 2,895,158 11,925 31,103 26,782 10,493 170,821 594,392 248,697 22,666 1,309,091 

 Sept... 2,912,216 10,518 31,054 26,778 10,502 170,762 613,718 251,307 23,823 1,313,427 

 Oct..... 2,935,227 11,255 31,070 26,793 10,511 170,620 610,869 247,786 25,755 1,316,142 

 Nov .... 2,945,370 12,093 31,570 27,132 10,520 170,882 608,559 251,939 24,944 1,317,946 

 Dec .... 3,006,980 13,088 31,335 27,131 10,529 175,222 623,963 256,739 27,001 1,355,111 

2004 - Jan ..... 3,016,822 12,938 31,165 27,196 10,538 176,851 621,440 259,194 26,300 1,369,639 

 Feb .... 3,019,670 13,476 31,577 27,472 10,389 176,796 618,635 259,672 27,691 1,371,342 

 Mar .... 3,008,617 10,617 31,580 27,444 10,399 176,690 616,066 255,208 28,122 1,376,095 

 Apr..... r3,029,036 10,946 31,391 27,435 10,407 178,947 613,487 260,006 28,458 1,395,230 

 May.... r3,045,225 10,903 31,971 27,780 10,346 178,431 610,808 260,177 21,886 1,398,748 

 June... r3,111,724 11,132 31,856 27,766 10,355 183,508 626,116 267,270 22,336 1,441,031 

 
28 FEDERAL DEBT 

TABLE FD-4.—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Federal Deposit 

Insurance Corporation

Federal Savings and 

Loan Insurance 

Corporation, 

Resolution Fund 

(2) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(3) 

Farm Credit 

System 

Financial 

Assistance 

Corporation 

(4) 

Other 

independent 

Tennessee 

Valley Authority 

(5) 

Postal 

Service 

(6) 

 Other 

 (7) 

 

1999 ..................................... 28,505 63 114 863 26,378 634 451 

2000 ..................................... 27,672 63 227 775 25,987 51 569 

2001 ..................................... 27,011 63 231 775 25,381 - 561 

2002 ..................................... r 26,874 - 298 775 r 25,261 - 540 

2003 ..................................... r 25,952 - 279 r 325 r 24,876 - 473 

 

2003 - June .......................... r 26,406 - 227 775 r 24,919 - 486 

July........................... r 26,387 - 247 775 r 24,878 - 487 

Aug........................... r 26,538 - 261 775 r 25,026 - 476 

Sept.......................... r 25,952 - 279 r 325 r 24,876 - 473 

Oct............................ r 25,755 - 282 r 325 r 24,674 - 474 

Nov........................... r 25,525 - 287 r 325 r 24,472 - 440 

Dec........................... r 24,428 - 290 325 r 23,372 - 441 

2004 - Jan ............................ r 23,980 - 120 325 r 23,104 - 432 

Feb ........................... r 24,107 - 120 325 r 23,242 - 420 

Mar ........................... r 24,195 - 120 325 r 23,329 - 421 

Apr............................ 24,010 - 149 325 23,115 - 423 

May .......................... 23,939 - 162 325 23,029 - 424 

June ......................... 24,221 - 163 325 23,313 - 421 

 

Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 29

TABLE FD-5.—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Maturity classes 

End of fiscal 

year or month 

Amount outstanding 

privately held 

(1) 

Within 

1 year 

(2) 

1-5 years 

(3) 

5-10 years 

(4) 

10-20 years 

(5) 

20 years 

or more 

(6) 

Average length 1

(7) 

 

1999 ............................... 2,728,011 915,145 962,644 378,163 149,703 322,356 6 yrs. 0 mos. 

2000 ............................... 2,469,152 858,903 791,540 355,382 167,082 296,246 6 yrs. 2 mos. 

2001 ............................... 2,328,302 900,178 650,522 329,247 174,653 273,702 6 yrs. 1 mo. 

2002 ............................... 2,492,821 939,986 802,032 311,176 203,816 235,811 5 yrs. 6 mos. 

2003 ............................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

 

2003 - June .................... 2,726,476 1,042,539 923,907 319,643 222,785 217,602 5 yrs. 1 mo. 

July ..................... 2,759,673 1,066,487 922,326 330,539 222,785 217,536 5 yrs. 1 mo. 

Aug ..................... 2,786,706 1,090,480 916,129 339,736 243,835 196,526 5 yrs. 1 mo. 

Sept.................... 2,804,092 1,057,049 955,239 351,552 243,755 196,497 5 yrs. 1 mo. 

Oct...................... 2,859,992 1,090,086 968,750 360,755 243,755 196,646 5 yrs. 0 mos. 

Nov ..................... 2,877,933 1,127,794 953,987 355,619 243,755 196,778 5 yrs. 0 mos. 

Dec ..................... 2,908,029 1,105,608 994,749 367,197 243,755 196,719 5 yrs. 0 mos. 

2004 - Jan ...................... 2,889,890 1,086,110 1,000,107 363,307 243,755 196,611 5 yrs. 0 mos. 

Feb ..................... 2,967,133 1,149,251 998,984 378,812 243,520 196,566 4 yrs. 11 mos. 

Mar ..................... 3,046,725 1,178,142 1,038,873 389,481 243,520 196,709 4 yrs. 10 mos. 

Apr...................... 3,019,341 1,125,763 1,054,136 398,995 243,520 196,928 4 yrs. 11 mos. 

May..................... 3,062,767 1,153,189 1,043,862 398,095 243,436 197,187 4 yrs. 11 mos. 

June.................... 3,067,768 1,136,300 1,082,581 408,129 243,436 197,323 4 yrs. 11 mos. 

 

1

 Beginning September 1976, the maturity distribution and average length were calculated 

on the interest-bearing marketable debt privately held. Published data were changed for 

the end of the fiscal years back through 1967. 

Note.—Detail may not add to totals due to rounding. Quarterly refunding charts can be 

accessed from the Office of Domestic Finance/Debt Management website at 

www.treas.gov/offices/domestic-finance/debt-management/qrc. 
30 FEDERAL DEBT 

TABLE FD-6.—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

Debt subject to limit Securities outstanding subject to limit 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

Securities 

not subject 

to limit 

(7) 

 

2001 ................................................ 5,950,000 5,732,587 5,732,365 222 5,807,463 222 75,099 

2002 ................................................ 6,400,000 6,161,431 6,161,147 283 6,228,236 283 67,089 

2003 ................................................ 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

 

2003 - June ..................................... 7,384,000 6,625,519 6,625,311 208 6,670,121 208 44,810 

July ...................................... 7,384,000 6,704,814 6,704,585 228 6,751,195 228 46,609 

Aug ...................................... 7,384,000 6,743,775 6,743,528 247 6,790,041 247 46,513 

Sept..................................... 7,384,000 6,737,553 6,737,288 265 6,783,231 265 45,943 

Oct....................................... 7,384,000 6,826,668 6,826,400 268 6,872,676 268 46,277 

Nov ...................................... 7,384,000 6,879,626 6,879,352 274 6,925,065 274 45,713 

Dec ...................................... 7,384,000 6,952,893 6,952,617 276 6,997,964 276 45,347 

2004 - Jan ....................................... 7,384,000 6,966,851 6,966,747 104 7,009,235 104 42,488 

Feb ...................................... 7,384,000 7,049,163 7,049,059 104 7,091,943 104 42,884 

Mar ...................................... 7,384,000 7,088,648 7,088,532 116 7,131,068 116 42,536 

Apr....................................... 7,384,000 7,089,700 7,089,567 133 7,133,789 133 44,222 

May...................................... 7,384,000 7,151,523 7,151,377 146 7,196,383 146 45,006 

June..................................... 7,384,000 7,229,320 7,229,174 147 7,274,335 147 45,161 

 

1 Consists of guaranteed debt issued by the Federal Housing Administration. 

TABLE FD-6.—Debt Subject to Statutory Limitation (Historical)

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

 

Debt outstanding 

subject to limitation 

Interest-bearing debt 

subject to limitation 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Total 

(2) 

Public debt 

(3) 

Other debt 1

(4) 

Public debt 

(5) 

Other debt 

(6) 

Non-interestbearing debt 

subject to 

limitation 

(7) 

 

1999 ................................................ 5,950,000 5,567,694 5,567,588 106 5,559,616 106 7,972 

2000 ................................................ 5,950,000 5,591,625 5,591,407 218 5,540,373 218 51,034 

1

 Consists of guaranteed debt issued by the Federal Housing Administration. Note.—Detail may not add to totals due to rounding. 
FEDERAL DEBT 31

TABLE FD-7.—Treasury Holdings of Securities Issued 

 by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Department of Agriculture 

End of fiscal 

year or month 

Total 

(1) 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

1999 ................................................ 182,988 32,625 13,837 8,506 261 761 

2000 ................................................ 191,596 27,323 14,690 9,413 305 729 

2001 ................................................ 203,200 28,817 15,128 10,168 336 970 

2002 ................................................ 213,555 25,074 16,312 10,780 417 906 

2003 ................................................ 224,472 24,858 15,291 11,497 379 1,321 

 

2003 - June ..................................... 236,329 23,929 16,567 11,799 448 1,266 

July ...................................... 242,365 24,405 16,567 11,799 448 1,266 

Aug ...................................... 244,697 25,359 17,247 11,947 510 1,266 

Sept..................................... 224,472 24,858 15,291 11,497 379 1,321 

Oct....................................... 211,479 11,160 15,291 11,432 379 1,321 

Nov ...................................... 215,264 14,022 15,291 11,432 379 1,321 

Dec ...................................... 222,444 16,430 15,291 11,432 379 1,873 

2004 - Jan ....................................... 226,845 15,269 15,297 11,445 379 1,873 

Feb ...................................... 226,797 15,119 15,942 11,449 379 1,873 

Mar ...................................... 227,464 15,149 15,998 11,675 379 1,873 

Apr....................................... 228,895 15,671 15,998 12,757 379 2,064 

May...................................... 228,358 15,480 16,023 12,764 379 2,064 

June..................................... 231,020 15,223 16,646 12,764 379 2,089 

 

 Department 

of Energy 

Department of Housing 

 and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

1999 ................................................ 52,440 2,515 7,996 4,628 28,115 

2000 ................................................ 65,716 2,513 7,155 3,653 27,836 

2001 ................................................ 77,448 2,689 4,544 3,103 27,862 

2002 ................................................ 89,713 2,770 7,553 2,640 24,693 

2003 ................................................ 91,938 2,698 8,794 2,640 36,657 

 

2003 - June ..................................... 98,656 2,905 9,353 2,640 37,475 

July...................................... 103,525 3,003 9,353 2,640 37,634 

Aug...................................... 103,525 2,988 9,353 2,640 37,532 

Sept..................................... 91,938 2,698 8,794 2,640 36,657 

Oct....................................... 95,807 2,698 8,794 2,056 33,161 

Nov...................................... 95,805 2,698 8,794 2,056 32,733 

Dec...................................... 99,250 2,698 10,294 2,056 31,454 

2004 - Jan ....................................... 102,609 2,747 11,794 2,056 31,602 

Feb...................................... 102,609 2,747 11,794 2,056 31,194 

Mar...................................... 102,170 2,747 11,794 2,056 30,466 

Apr....................................... 102,170 2,847 11,794 2,056 29,483 

May ..................................... 101,690 2,820 11,794 2,056 29,174 

June .................................... 107,991 2,770 11,794 2,056 28,692 

 
32 FEDERAL DEBT 

TABLE FD-7.—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, con. 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

1999 ...................................... 6,603 4,848 9,825 10,030 

2000 ...................................... 6,683 r 2,746 10,012 10,694 

2001 ...................................... 7,045 2,884 10,087 12,120 

2002 ...................................... 6,657 2,870 11,036 12,133 

2003 ...................................... 7,281 2,954 6,627 11,536 

 

2003 - June ........................... 7,301 2,144 7,468 14,376 

July............................ 7,301 2,419 7,468 14,534 

Aug............................ 7,274 2,675 7,618 14,762 

Sept........................... 7,281 2,954 6,627 11,536 

Oct............................. 7,281 3,233 7,133 11,733 

Nov............................ 7,281 3,478 8,233 11,740 

Dec............................ 7,281 3,763 8,435 11,810 

2004 - Jan ............................. 7,281 4,044 8,435 12,015 

Feb ............................ 6,882 4,292 8,435 12,028 

Mar ............................ 6,985 4,566 8,554 13,053 

Apr............................. 6,985 4,839 8,554 13,298 

May ........................... 6,985 5,090 8,554 13,485 

June........................... 6,985 2,137 8,545 12,949 

 

Note.—Detail may not add to totals due to rounding. 
33

INTRODUCTION: Public Debt Operations

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United 

States.” The information in this section of the “Treasury 

Bulletin” pertains only to marketable Treasury securities. 

• Table PDO-1 provides a maturity schedule of 

interest-bearing marketable Treasury notes and bonds. All 

unmatured Treasury notes and bonds are listed in maturity 

order, from earliest to latest. A separate breakout is provided 

for the combined holdings of the Government accounts and 

Federal Reserve banks (FRBs), so that the “all other 

investors” category includes all private holdings. 

• Table PDO-2 presents the results of weekly auctions 

of 4-, 13-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 13-week bills are reopenings of 

26-week bills. Issues of cash management bills also are 

presented. High yields on accepted tenders and the dollar 

value of total bids are presented, with the dollar value of 

awards made on both competitive and noncompetitive bases. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up 

to $1 million for bills and $5 million for notes and bonds in 

each auction of securities. 

• Table PDO-3 lists the results of auctions of 

marketable securities, other than weekly bills, in 

chronological order over the past 2 years. 

• Table PDO-4 indicates the total amount of 

marketable securities allotted to each class of investor. The 

FRBs tally into investor classes the tenders in each auction 

of marketable securities other than weekly auctions of 4-, 

13-, and 26-week bills. 

TREASURY FINANCING: APRIL-JUNE 

[Source: Bureau of the Public Debt, Office of Financing] 

A P R I L 

Cash Management Bills 

On March 30, 2004, Treasury announced it would 

auction $25,000 million of 13-day bills. They were issued 

April 2 and matured April 15. The issue was to raise new 

cash. Treasury auctioned the bills on April 1. Tenders totaled 

$78,305 million; Treasury accepted $25,004 million. The 

high bank discount rate was 0.960 percent. 

On April 5, Treasury announced it would auction $5,000 

million of 14-day bills. They were issued April 6 and 

matured April 20. The issue was to raise new cash. Treasury 

auctioned the bills on April 5. Tenders totaled $29,705 

million; Treasury accepted $5,000 million. The high bank 

discount rate was 0.935 percent. 

On April 5, Treasury announced it would auction 

$16,000 million of 11-day bills. They were issued April 8 

and matured April 19. The issue was to raise new cash. 

Treasury auctioned the bills on April 7. Tenders totaled 

$45,016 million; Treasury accepted $16,000 million. The 

high bank discount rate was 0.970 percent. 

Auction of 5-Year Notes 

On April 1, 2004, Treasury announced it would auction 

$16,000 million of 5-year notes of Series G-2009. The issue 

was to raise new cash. 

The notes of Series G-2009 were dated and issued April 

15. They are due April 15, 2009, with interest payable on 

October 15 and April 15 until maturity. Treasury set an 

interest rate of 3-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

eastern daylight saving time (e.d.s.t.) for noncompetitive 

tenders and before 1:00 p.m. e.d.s.t. for competitive tenders 

on April 6. Tenders totaled $36,548 million; Treasury 

accepted $16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high yield 

of 3.220 percent with an equivalent price of $99.564. 

Treasury accepted in full all competitive tenders at yields 

lower than 3.220 percent. Tenders at the high yield were 

allotted 52.29 percent. The median yield was 3.189 percent, 

and the low yield was 3.170 percent. Noncompetitive 

tenders totaled $98 million. Competitive tenders accepted 

from private investors totaled $15,902 million. The 

minimum par amount required for STRIPS of notes of Series 

G-2009 is $1,000. 

Auction of 9-Year 9-Month 2 Percent 

Inflation-Indexed Notes 

On April 1, 2004, Treasury announced it would auction 

$9,000 million of 9-year 9-month inflation-indexed notes to 

raise cash. The 9-year 9-month inflation-indexed notes of 

Series A-2014 were dated January 15 and issued April 15. 

They are due January 15, 2014, with interest payable on July 

15 and January 15 until maturity. Treasury set an interest 

rate of 2 percent after determining which tenders were 

accepted on a yield auction basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

34 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on April 7. Tenders totaled 

$16,003 million; Treasury accepted $9,000 million at the 

high yield of 1.809 percent with an equivalent adjusted price 

of $102.189. Tenders at the high yield were allotted 30.62 

percent. The median yield was 1.709 percent, and the low 

yield was 1.490 percent. Noncompetitive tenders totaled 

$166 million. Competitive tenders accepted from private 

investors totaled $8,834 million. The unadjusted price of 

$101.698 was adjusted by an index ratio of 1.00483 for the 

period from January 15 through April 15. The minimum par 

amount required for STRIPS of inflation-indexed notes is 

$1,000. 

Auction of 2-Year Notes 

On April 26, 2004, Treasury announced it would auction 

$26,000 million of 2-year notes of Series N-2006. The issue 

was to refund $24,322 million of securities maturing April 

30 and to raise new cash of approximately $1,678 million. 

The notes of Series N-2006 were dated and issued April 

30. They are due April 30, 2006, with interest payable on 

October 31 and April 30 until maturity. Treasury set an 

interest rate of 2-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on April 28. Tenders totaled $54,740 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.270 percent with the 

equivalent price of $99.961. Tenders at the high yield were 

allotted 21.09 percent. The median yield was 2.230 percent, 

and the low yield was 2.200 percent. Noncompetitive 

tenders totaled $954 million. Competitive tenders accepted 

from private investors totaled $25,046 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $8,333 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

N-2006 is $1,000. 

M A Y 

May Quarterly Financing 

On May 5, 2004, Treasury announced it would auction 

$24,000 million of 3-year notes of Series J-2007, $15,000 

million of 5-year notes of Series H-2009, and $15,000 

million of 10-year notes of Series C-2014 to refund $32,813 

million of Treasury securities maturing or called on May 15 

and to raise new cash of approximately $21,187 million. 

The 3-year notes of Series J-2007 were dated May 15 

and issued May 17. They are due May 15, 2007, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 3-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on May 11. Tenders totaled $49,978 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.199 percent with an 

equivalent price of $99.790. Treasury accepted in full all 

competitive tenders at yields lower than 3.199 percent. 

Tenders at the high yield were allotted 17.22 percent. The 

median yield was 3.168 percent, and the low yield was 3.140 

percent. Noncompetitive tenders totaled $317 million. 

Competitive tenders accepted from private investors totaled 

$23,683 million. Accrued interest of $0.16984 per $1,000 

must be paid for the period from May 15 to May 17. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $3,562 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2007 is $1,000. 

The 5-year notes of Series H-2009 were dated May 15 

and issued May 17. They are due May 15, 2009, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 3-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on May 12. Tenders totaled $39,552 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.927 percent with an 

equivalent price of $99.766. Treasury accepted in full all 

competitive tenders at yields lower than 3.927 percent. 

Tenders at the high yield were allotted 6.74 percent. The 

median yield was 3.908 percent, and the low yield was 3.890 

percent. Noncompetitive tenders totaled $222 million. 

Competitive tenders accepted from private investors totaled 

$14,778 million. Accrued interest of $0.21060 per $1,000 

must be paid for the period from May 15 to May 17. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $3,058 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2009 is $1,000. 

The 10-year notes of Series C-2014 were dated May 15 

and issued May 17. They are due May 15, 2014, with 

interest payable on November 15 and May 15 until maturity. 

Treasury set an interest rate of 4-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

35

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1 p.m. e.d.s.t. 

for competitive tenders on May 13. Tenders totaled $41,713 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.848 percent with an 

equivalent price of $99.230. Treasury accepted in full all 

competitive tenders at yields lower than 4.848 percent. 

Tenders at the high yield were allotted 24.66 percent. The 

median yield was 4.818 percent, and the low yield was 4.800 

percent. Noncompetitive tenders totaled $202 million. 

Competitive tenders accepted from private investors totaled 

$14,798 million. Accrued interest of $0.25815 per $1,000 

must be paid for the period from May 15 to May 17. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $2,293 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series C-2014 is $1,000. 

Auction of 2-Year Notes 

On May 24, 2004, Treasury announced it would auction 

$25,000 million of 2-year notes. The issue was to refund 

$26,999 million of securities maturing May 31 and to pay 

down approximately $1,999 million. 

The notes of Series P-2006 were dated May 31 and 

issued June 1. They are due May 31, 2006, with interest 

payable on November 30 and May 31 until maturity. 

Treasury set an interest rate of 2-1/2 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 

noon e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on May 26. Tenders totaled 

$57,927 million; Treasury accepted $25,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.538 percent with an 

equivalent price of $99.926. Treasury accepted in full all 

competitive tenders at yields lower than 2.538 percent. 

Tenders at the high yield were allotted 86.09 percent. The 

median yield was 2.517 percent, and the low yield was 2.470 

percent. Noncompetitive tenders totaled $1,060 million. 

Competitive tenders accepted from private investors totaled 

$23,940 million. Accrued interest of $0.06831 per $1,000 

must be paid for the period from May 31 to June 1. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $6,298 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series P-2006 is $1,000. 

J U N E 

Cash Management Bills 

On May 25, 2004, Treasury announced it would auction 

$5,000 million of 13-day bills. They were issued June 1 and 

matured June 14. The issue was to raise new cash. Treasury 

auctioned the bills on May 27. Tenders totaled $25,405 

million; Treasury accepted $5,000 million. The high bank 

discount rate was 0.905 percent. 

On May 27, Treasury announced it would auction 

$30,000 million of 12-day bills. They were issued June 3 

and matured June 15. The issue was to raise new cash. 

Treasury auctioned the bills on June 2. Tenders totaled 

$73,860 million; Treasury accepted $30,000 million. The 

high bank discount rate was 0.965 percent. 

On June 8, Treasury announced it would auction $4,000 

million of 2-day bills. They were issued June 9 and matured 

June 11. The issue was to raise new cash. Treasury 

auctioned the bills on June 8. Tenders totaled $14,930 

million; Treasury accepted $4,000 million. The high bank 

discount rate was 0.970 percent. 

Auction of 5-Year Notes 

On June 7, 2004, Treasury announced it would auction 

$15,000 million of 5-year notes of Series J-2009. The issue 

was to raise new cash. 

The notes of Series J-2009 were dated and issued June 

15. They are due June 15, 2009, with interest payable on 

December 15 and June 15 until maturity. Treasury set an 

interest rate of 4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 9. Tenders totaled 

$43,696 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.010 percent with an 

equivalent price of $99.955. Treasury accepted in full all 

competitive tenders at yields lower than 4.010 percent. 

Tenders at the high yield were allotted 14.95 percent. The 

median yield was 3.960 percent, and the low yield was 3.882 

percent. Noncompetitive tenders totaled $167 million. 

Competitive tenders accepted from private investors totaled 

$14,833 million. The minimum par amount required for 

STRIPS of notes of Series J-2009 is $1,000. 
PUBLIC DEBT OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, con. 

36 

Auction of 9-Year 11-Month 4-3/4 Percent Notes 

On June 7, 2004, Treasury announced it would auction 

$10,000 million of 9-year 11-month 4-3/4 percent notes of 

Series C-2014. The issue was to raise new cash. 

The notes of Series C-2014 were dated May 15 and 

issued June 15. They are due May 15, 2014, with interest 

payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 10. Tenders totaled 

$29,304 million; Treasury accepted $10,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 4.828 percent with an 

equivalent price of $99.383. Treasury accepted in full all 

competitive tenders at yields lower than 4.828 percent. 

Tenders at the high yield were allotted 52.31 percent. The 

median yield was 4.800 percent, and the low yield was 4.790 

percent. Noncompetitive tenders totaled $61 million. 

Competitive tenders accepted from private investors totaled 

$9,939 million. Accrued interest of $4.00136 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2014 is $1,000. 

Auction of 2-Year Notes 

On June 21, 2004, Treasury announced it would auction 

$25,000 million of 2-year notes of Series Q-2006. The issue 

was to refund $26,469 million of securities maturing June 30 

and to pay down approximately $1,469 million. 

The notes of Series Q-2006 were dated and issued June 

30. They are due June 30, 2006, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 2-3/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12 noon 

e.d.s.t. for noncompetitive tenders and before 1:00 p.m. 

e.d.s.t. for competitive tenders on June 23. Tenders totaled 

$54,313 million; Treasury accepted $25,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.785 percent with an 

equivalent price of $99.932. Treasury accepted in full all 

competitive tenders at yields lower than 2.785 percent. 

Tenders at the high yield were allotted 57.89 percent. The 

median yield was 2.764 percent, and the low yield was 2.740 

percent. Noncompetitive tenders totaled $996 million. 

Competitive tenders accepted from private investors totaled 

$24,004 million. 

In addition to the $25,000 million of tenders accepted in 

the auction process, Treasury accepted $7,581 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series Q-2006 is $1,000. 
PUBLIC DEBT OPERATIONS 37

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2004 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2004

July 31........................................................... 1 2-1/4%-Q note 07/31/02 33,250 7,006 26,244 

Aug. 15.......................................................... 13-3/4% bond 07/10/84 4,000 1,121 2,880 

Aug. 15.......................................................... 1 7-1/4%-C note 08/15/94 13,346 2,819 10,528 

Aug. 15.......................................................... 1 6%-G note 08/16/99 18,090 2,737 15,353 

Aug. 31.......................................................... 1 2-1/8%-R note 09/03/02 34,541 7,807 26,735 

Sept. 30......................................................... 1 1-7/8%-S note 09/30/02 34,656 7,652 27,003 

Oct. 31........................................................... 1 2-1/8%-T note 10/31/02 32,440 5,560 26,880 

Nov. 15, 04-09............................................... 10-3/8% bond 11/15/79 4,201 1,076 3,125 

Nov. 15.......................................................... 1 11-5/8% bond 10/30/84 8,302 2,026 6,276 

Nov. 15.......................................................... 1 7-7/8%-D note 11/15/94 14,374 3,532 10,841 

Nov. 15.......................................................... 1 5-7/8%-H note 11/15/99 32,658 4,888 27,770 

Nov. 30.......................................................... 1 2%-U note 12/02/02 32,871 5,879 26,992 

Dec. 31.......................................................... 1 1-3/4%-V note 12/31/02 33,203 7,105 26,099 

Total............................. 295,933 59,207 236,726 

2005

Jan. 31........................................................... 1 1-5/8%-G note 01/31/03 33,837 7,897 25,940 

Feb. 15, 05-10............................................... 11-3/4% bond 02/15/80 2,315 943 1,372 

Feb. 15 .......................................................... 1 7-1/2%-A note 02/15/95 13,835 3,618 10,217 

Feb. 28 .......................................................... 1 1-1/2%-H note 02/28/03 35,332 8,343 26,989 

Mar. 31 .......................................................... 1 1-5/8%-J note 03/31/03 35,211 8,216 26,995 

Apr. 30........................................................... 1 1-5/8%-K note 04/30/03 34,295 7,994 26,301 

May 15, 05-10 ............................................... 10% bond 05/15/80 2,987 1,177 1,811 

May 15........................................................... 1 12% bond 04/02/85 4,261 941 3,319 

May 15........................................................... 1 6-1/2%-B note 05/15/95 14,740 2,241 12,499 

May 15........................................................... 1 6-3/4%-E note 05/15/00 28,562 6,566 21,996 

May 31........................................................... 1 1-1/4%-L note 06/02/03 31,021 6,053 24,968 

June 30.......................................................... 1 1-1/8%-M note 06/30/03 31,701 6,998 24,704 

July 31........................................................... 1 1-1/2%-N note 07/31/03 29,997 5,519 24,478 

Aug. 15.......................................................... 1 10-3/4% bond 07/02/85 9,270 2,325 6,945 

Aug. 15.......................................................... 1 6-1/2%-C note 08/15/95 15,003 2,524 12,478 

Aug. 31.......................................................... 1 2%-P note 09/02/03 30,592 5,980 24,612 

Sept. 30......................................................... 1 1-5/8%-Q note 09/30/03 31,539 6,535 25,004 

Oct. 31........................................................... 1 1-5/8%-R note 10/31/03 32,368 6,368 26,001 

Nov. 15, 05-10............................................... 12-3/4% bond 11/17/80 4,081 1,261 2,821 

Nov. 15.......................................................... 1 5-7/8%-D note 11/24/95 15,210 2,155 13,055 

Nov. 15.......................................................... 1 5-3/4%-F note 11/15/00 28,063 4,303 23,760 

Nov. 30.......................................................... 1 1-7/8%-S note 12/01/03 32,204 6,566 25,638 

Dec. 31.......................................................... 1 1-7/8%-T note 12/31/03 33,996 7,987 26,009 

Total............................. 530,421 112,510 417,911 

 

See footnote at end of table. 
38 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2004, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 

 All other 

 investors 

 (5) 

 

2006 

Jan. 31........................................................... 1 1-7/8%-K note 02/02/04 32,533 6,531 26,002 

Feb. 15 .......................................................... 1 9-3/8% bond 01/15/86 4,756 1,046 3,710 

Feb. 15 .......................................................... 1 5-5/8%-A note 02/15/96 15,514 1,943 13,571 

Feb. 28 .......................................................... 1 1-5/8%-L note 03/01/04 34,002 8,000 26,002 

Mar. 31 .......................................................... 1 1-1/2%-M note 03/31/04 34,339 8,339 26,000 

Apr. 30........................................................... 1 2-1/4%-N note 04/30/04 34,335 8,333 26,001 

May 15, 06-11 ............................................... 13-7/8% bond 05/15/81 3,545 1,074 2,471 

May 15........................................................... 1 6-7/8%-B note 05/15/96 16,015 3,935 12,080 

May 15........................................................... 1 4-5/8%-E note 05/15/01 27,798 3,808 23,990 

May 15........................................................... 1 2%-G note 05/15/03 22,392 391 22,001 

May 31........................................................... 1 2-1/2%-P note 06/01/03 31,308 6,298 25,010 

June 30.......................................................... 1 2-3/4%-Q note 06/30/04 32,591 7,581 25,010 

July 15........................................................... 1 7%-C note 07/15/96 22,740 5,519 17,222 

Aug. 15.......................................................... 1 2-3/8%-H note 08/15/03 27,909 4,057 23,852 

Oct. 15........................................................... 1 6-1/2%-D note 10/15/96 22,460 5,083 17,376 

Nov. 15, 06-11............................................... 14% bond 11/16/81 4,048 975 3,073 

Nov. 15.......................................................... 1 3-1/2%-F note 11/15/01 35,380 3,830 31,550 

Nov. 15.......................................................... 1 2-5/8%-J note 11/17/03 26,536 2,538 23,998 

Total............................. 428,201 79,282 348,919 

 

2007 

Jan. 15........................................................... 1 3-3/8%-A note 02/06/97 18,697 2,026 16,671 

Feb. 15 .......................................................... 1 6-1/4%-B note 02/18/97 13,104 1,690 11,414 

Feb. 15 .......................................................... 1 2-1/4%-H note 02/17/04 25,469 1,666 23,803 

May 15........................................................... 1 6-5/8%-C note 05/15/97 13,958 3,179 10,779 

May 15........................................................... 1 4-3/8%-E note 05/15/02 24,351 3,241 21,111 

May 15........................................................... 1 3-1/8%-J note 05/17/04 27,564 3,562 24,002 

Aug. 15.......................................................... 1 6-1/8%-D note 08/15/97 25,637 5,657 19,980 

Aug. 15.......................................................... 1 3-1/4%-F note 08/15/02 25,411 3,766 21,645 

Nov. 15.......................................................... 1 3%-G note 11/15/02 23,311 1,308 22,003 

Nov. 15, 07-12............................................... 10-3/8% bond 11/15/82 10,126 2,244 7,882 

 Total............................. 207,628 28,339 179,289 

 

2008 

Jan. 15........................................................... 1 3-5/8%-A note 01/15/98 19,561 2,135 17,426 

Feb. 15 .......................................................... 1 5-1/2%-B note 02/17/98 13,583 1,970 11,613 

Feb. 15 .......................................................... 1 3%-E note 02/18/03 27,489 3,484 24,005 

May 15........................................................... 1 5-5/8%-C note 05/15/98 27,191 5,921 21,270 

May 15........................................................... 1 2-5/8%-F note 05/15/03 33,338 336 33,003 

Aug. 15, 08-13............................................... 12% bond 08/15/83 11,917 3,041 8,876 

Aug. 15.......................................................... 1 3-1/4%-G note 08/15/03 21,357 3,916 17,441 

Sept. 15......................................................... 1 3-1/8%-H note 09/15/03 16,002 711 15,291 

Oct. 15........................................................... 1 3-1/8%-J note 10/15/03 15,996 - 15,996 

Nov. 15.......................................................... 1 4-3/4%-D note 11/16/98 25,083 3,448 21,635 

Nov. 15.......................................................... 1 3-3/8%-K note 11/17/03 18,181 2,288 15,893 

Dec. 15.......................................................... 1 3-3/8%-L note 12/15/03 16,000 304 15,696 

Total............................. 245,700 27,554 218,146 

 

See footnote at end of table. 
PUBLIC DEBT OPERATIONS 39

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2004, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

 Issue date 

 (2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2009 

Jan. 15............................................................ 1 3-7/8%-A note 01/15/99 18,228 2,280 15,947 

Jan. 15............................................................ 1 3-1/4%-D note 01/15/04 16,003 320 15,683 

Feb. 15............................................................ 1 3%-E note 02/17/04 17,434 1,430 16,004 

Mar. 15............................................................ 1 2-5/8%-F note 03/15/04 16,001 - 16,001 

Apr. 15 ............................................................ 1 3-1/8%-G note 04/15/04 16,003 - 16,003 

May 15, 09-14................................................. 13-1/4% bond 05/15/84 4,481 869 3,611 

May 15............................................................ 1 3-7/8%-H note 05/17/04 18,060 3,058 15,002 

May 15............................................................ 1 5-1/2%-B note 05/17/99 14,795 2,625 12,170 

June 15........................................................... 1 4%-J note 06/15/04 15,005 - 15,005 

Aug. 15, 09-14 ................................................ 12-1/2% bond 08/15/84 4,388 906 3,482 

Aug. 15 ........................................................... 1 6%-C note 08/16/99 27,400 5,264 22,136 

Nov. 15, 09-14 ................................................ 1 11-3/4% bond 11/15/84 5,015 1,195 3,820 

Total............................. 172,811 17,947 154,865 

 

2010 

Jan. 15............................................................ 1 4-1/4%-A note 01/18/00 12,649 1,289 11,360 

Feb. 15............................................................ 1 6-1/2%-B note 02/15/00 23,356 4,481 18,874 

Aug. 15 ........................................................... 1 5-3/4%-C note 08/15/00 22,438 3,595 18,842 

Total............................. 58,442 9,366 49,076 

 

2011 

Jan. 15 .......................................................... 1 3-1/2%-A note 01/16/01 11,882 263 11,619 

Feb. 15.......................................................... 1 5%-B note 02/15/01 23,436 3,583 19,853 

Aug. 15 ......................................................... 1 5%-C note 08/15/01 26,635 3,206 23,430 

Total............................. 61,953 7,051 54,902 

 

2012 

Jan. 15............................................................ 1 3-3/8%-A note 01/15/02 6,356 32 6,325 

Feb. 15............................................................ 1 4-7/8%-B note 02/15/02 24,780 2,289 22,491 

July 15 ............................................................ 1 3%-C note 07/15/02 24,065 1,785 22,280 

Aug. 15 ........................................................... 1 4-3/8%-D note 08/15/02 19,648 2,722 16,926 

Nov. 15 ........................................................... 1 4%-E note 11/15/02 18,113 236 17,877 

Total............................. 92,962 7,064 85,898 

 

2013 

Feb. 15............................................................ 1 3-7/8%-A note 02/18/03 19,498 1,497 18,002 

May 15............................................................ 1 3-5/8%-B note 05/15/03 18,254 252 18,002 

July 15 ............................................................ 1 1-7/8%-C note 07/15/03 20,479 300 20,179 

Aug. 15 ........................................................... 1 4-1/4%-D note 08/15/03 33,521 3,013 30,508 

Nov. 15 ........................................................... 1 4-1/4%-E note 11/17/03 30,637 1,634 29,003 

Total............................. 122,388 6,695 115,694 

 

2014 

Jan. 15............................................................ 1 2%-A note 01/15/04 21,366 265 21,101 

Feb. 15............................................................ 1 4%-B note 02/17/04 28,081 1,072 27,009 

May 15............................................................ 1 4-3/4%-C note 05/17/04 27,303 2,293 25,010 

Total............................. 76,750 3,630 73,120 

 

2015 

Feb. 15............................................................ 1 11-1/4% bond 02/15/85 10,520 1,846 8,675 

Aug. 15 ........................................................... 1 10-5/8% bond 08/15/85 4,024 1,167 2,857 

Nov. 15 ........................................................... 1 9-7/8% bond 11/29/85 5,585 1,007 4,578 

Total............................. 20,129 4,020 16,109 

 See footnote at end of table. 
40 PUBLIC DEBT OPERATIONS 

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2004, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2016 

Feb. 15............................................................ 1 9-1/4% bond 02/18/86 5,432 1,037 4,395 

May 15............................................................ 1 7-1/4% bond 05/15/86 18,824 1,099 17,724 

Nov. 15 ........................................................... 1 7-1/2% bond 11/17/86 18,787 2,150 16,637 

Total .............................. 43,043 4,286 38,757 

 

2017 

May 15............................................................ 1 8-3/4% bond 05/15/87 15,559 2,755 12,804 

Aug. 15 ........................................................... 1 8-7/8% bond 08/17/87 10,968 2,058 8,910 

Total .............................. 26,528 4,813 21,715 

 

2018 

May 15............................................................ 1 9-1/8% bond 05/16/88 6,717 1,240 5,478 

Nov. 15 ........................................................... 1 9% bond 11/22/88 7,174 1,053 6,121 

Total .............................. 13,892 2,293 11,599 

 

2019 

Feb. 15............................................................ 1 8-7/8% bond 02/15/89 13,090 2,373 10,717 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/89 18,941 2,731 16,210 

Total............................. 32,031 5,104 26,927 

 

2020 

Feb. 15............................................................ 1 8-1/2% bond 02/15/90 9,476 1,486 7,990 

May 15............................................................ 1 8-3/4% bond 05/15/90 7,582 1,502 6,081 

Aug. 15 ........................................................... 1 8-3/4% bond 08/15/90 17,059 2,629 14,430 

Total............................. 34,118 5,617 28,501 

 

2021 

Feb. 15............................................................ 1 7-7/8% bond 02/15/91 10,076 1,530 8,546 

May 15............................................................ 1 8-1/8% bond 05/15/91 10,067 1,618 8,449 

Aug. 15 ........................................................... 1 8-1/8% bond 08/15/91 9,506 1,658 7,848 

Nov. 15 ........................................................... 1 8% bond 11/15/91 30,632 4,286 26,346 

Total............................. 60,281 9,091 51,190 

 

2022 

Aug. 15 ........................................................... 1 7-1/4% bond 08/17/92 10,128 1,509 8,619 

Nov. 15 ........................................................... 1 7-5/8% bond 11/16/92 7,424 1,601 5,823 

Total .............................. 17,551 3,110 14,442 

 

2023 

Feb. 15............................................................ 1 7-1/8% bond 02/16/93 15,782 2,636 13,147 

Aug. 15 ........................................................... 1 6-1/4% bond 08/16/93 22,659 1,610 21,050 

Total .............................. 38,441 4,245 34,196 

 

2024 

Nov. 15 ........................................................... 1 7-1/2% bond 08/15/94 9,604 1,615 7,989 

Total .............................. 9,604 1,615 7,989 

 

2025 

Feb. 15............................................................ 1 7-5/8% bond 02/15/95 9,509 1,594 7,916 

Aug. 15 ........................................................... 1 6-7/8% bond 08/15/95 11,187 1,800 9,388 

Total .............................. 20,696 3,393 17,303 

 See footnote at end of table. 
PUBLIC DEBT OPERATIONS 41

TABLE PDO-1.—Maturity Schedules of Interest-Bearing Marketable Public Debt Securities 

Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 2004, con. 

[In millions of dollars. Sources: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting; and Office of Market Finance] 

 Amount of maturities held by 

Date of final maturity 

 Description 

 (1) 

Issue date 

(2) 

 Total 

 (3) 

 U.S. Govern- 

 ment accounts 

 and Federal 

 Reserve banks 

 (4) 

 All other 

 investors 

 (5) 

 

2026 

Feb. 15............................................................ 1 6% bond 02/15/96 12,838 1,164 11,674 

Aug. 15 ........................................................... 1 6-3/4% bond 08/15/96 8,810 1,614 7,196 

Nov. 15 ........................................................... 1 6-1/2% bond 11/15/96 10,860 1,724 9,136 

Total .............................. 32,509 4,502 28,007 

 

2027 

Feb. 15............................................................ 1 6-5/8% bond 02/18/97 9,522 1,485 8,037 

Aug. 15 ........................................................... 1 6-3/8% bond 08/15/97 9,197 1,640 7,557 

Nov. 15 ........................................................... 1 6-1/8% bond 11/17/97 22,021 3,349 18,673 

Total .............................. 40,740 6,473 34,267 

 

2028 

Apr. 15 ............................................................ 1 3-5/8% bond 04/15/98 19,506 2,904 16,603 

Aug. 15 ........................................................... 1 5-1/2% bond 08/17/98 11,776 1,772 10,004 

Nov. 15 ........................................................... 1 5-1/4% bond 11/16/98 10,947 1,611 9,336 

Total .............................. 42,230 6,286 35,943 

 

2029 

Feb. 15............................................................ 1 5-1/4% bond 02/16/99 11,350 1,670 9,680 

Apr. 15 ............................................................ 1 3-7/8% bond 04/15/99 22,294 2,882 19,412 

Aug. 15 ........................................................... 1 6-1/8% bond 08/16/99 11,179 1,670 9,509 

Total .............................. 44,823 6,222 38,601 

 

2030 

May 15............................................................ 1 6-1/4% bond 02/15/00 17,043 1,894 15,149 

Total .............................. 17,043 1,894 15,149 

 

2031 

Feb. 15............................................................ 1 5-3/8% bond 02/15/01 16,428 1,423 15,005 

Total .............................. 16,428 1,423 15,005 

 

2032 

Apr. 15 ............................................................ 1 3-3/8% bond 10/15/01 5,308 250 5,058 

Total .............................. 5,308 250 5,058 

 

1

 This security is eligible for stripping. See table V of the “Monthly Statement of the 

Public Debt of the United States.” 
42 PUBLIC DEBT OPERATIONS 

TABLE PDO-2.—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

 On total competitive bids accepted 

Description of new issue Amounts of bids accepted 

 Issue date 

Maturity date 

(1) 

 Number 

 of days to 

 maturity 1

 (2) 

Amount 

 of bids 

 tendered 

(3) 

Total 

amount 2

(4) 

 On 

 competitive 

 basis 

 (5) 

 On non- 

 competitive 

 basis 3 

 (6) 

 High 

 price per 

 hundred 

 (7) 

 High 

 discount 

 rate 

 (percent) 

 (8) 

 High invest-

 ment rate 

 (percent) 4

 (9) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

2004 - Apr. 01 .................. 2004 - Apr. 29 28 52,404.3 21,817.7 18,954.9 45.3 99.926 0.950 0.965

 July 01 91 48,270.3 24,130.4 16,450.1 1,265.9 99.761 0.945 0.961

 Sept. 30 182 37,733.6 20,392.4 13,229.7 900.1 99.500 0.990 1.008

Apr. 08................. May 06 28 40,110.0 17,254.8 13,996.5 34.2 99.928 0.920 0.939

 July 08 91 46,862.4 23,049.4 15,282.1 1,423.1 99.765 0.930 0.945

 Oct. 07 182 40,606.4 19,031.0 12,774.2 1,056.2 99.479 1.030 1.050

Apr. 15................. May 13 28 34,018.6 14,142.6 9,958.7 42.2 99.930 0.895 0.913

 July 15 91 46,467.1 22,013.8 14,415.0 1,240.8 99.769 0.915 0.929

 Oct. 14 182 34,050.3 17,874.0 11,859.3 755.9 99.482 1.025 1.044

Apr. 22................. May 20 28 33,187.5 14,135.6 9,958.0 42.3 99.929 0.910 0.926

 July 22 91 39,286.4 22,318.9 14,431.1 1,329.1 99.764 0.935 0.949

 Oct. 21 182 28,929.0 18,017.1 11,786.6 987.2 99.454 1.080 1.101

Apr. 29................. May 27 28 41,686.5 16,945.8 12,960.5 39.8 99.931 0.885 0.900

 July 29 91 39,807.1 23,524.9 15,136.8 1,355.7 99.755 0.970 0.985

 Oct. 28 182 34,731.0 19,315.2 12,358.4 891.7 99.411 1.165 1.188

May 06................. June 03 28 34,263.8 22,772.3 18,961.0 39.3 99.929 0.910 0.926

 Aug. 05 91 38,974.0 24,769.2 16,258.4 1,466.9 99.751 0.985 1.001

 Nov. 04 182 37,217.1 20,548.3 13,663.9 1,011.1 99.406 1.175 1.198

May 13................. June 10 28 59,591.2 23,112.6 18,953.8 47.2 99.930 0.895 0.913

 Aug. 12 91 47,646.2 24,855.6 16,317.1 1,383.6 99.732 1.060 1.078

 Nov. 12 183 34,135.5 20,529.3 13,964.6 860.6 99.319 1.340 1.368

May 20................. June 17 28 54,260.4 25,406.7 20,955.6 44.9 99.930 0.900 0.913

 Aug. 19 91 42,091.7 24,751.4 16,244.3 1,388.3 99.737 1.040 1.058

 Nov. 18 182 41,286.5 20,737.1 13,935.8 989.6 99.325 1.335 1.363

May 27................. June 24 28 56,471.0 25,042.6 20,956.0 44.5 99.929 0.910 0.926

 Aug. 26 91 42,599.3 24,975.7 15,955.6 1,414.1 99.735 1.050 1.066

 Nov. 26 183 41,084.8 20,626.2 13,563.6 943.1 99.301 1.375 1.404

June 03................ July 01 28 57,359.1 27,847.1 23,956.5 43.9 99.927 0.940 0.952

 Sept. 02 91 38,512.7 24,597.4 16,266.4 1,366.7 99.714 1.130 1.150

 Dec. 02 182 37,219.9 20,766.1 13,877.2 973.1 99.292 1.400 1.430

June 10................ July 08 28 40,148.0 27,239.3 23,960.1 40.4 99.922 1.000 1.018

 Sept. 09 91 39,237.5 25,158.1 16,380.8 1,315.4 99.689 1.230 1.251

 Dec. 09 182 31,376.6 20,711.7 14,093.0 857.2 99.239 1.505 1.538

June 17................ July 15 28 36,541.2 17,969.3 14,953.4 47.0 99.917 1.070 1.083

 Sept. 16 91 34,830.5 23,867.0 15,223.8 1,320.5 99.649 1.390 1.413

 Dec. 16 182 38,031.8 20,787.3 13,841.6 958.6 99.130 1.720 1.760

June 24................ July 22 28 31,416.0 12,159.2 8,955.9 44.1 99.918 1.050 1.070

 Sept. 23 91 42,957.1 23,529.9 15,329.0 1,312.2 99.668 1.315 1.336

 Dec. 23 182 39,113.0 20,672.7 14,044.2 805.9 99.153 1.675 1.713

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $1 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
PUBLIC DEBT OPERATIONS 43

TABLE PDO-3.—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] 

Auction date 

Issue date 

(1) 

 Description of securities 1

 (2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted yield and 

equivalent price 

for notes and 

bonds 

(6) 

 

07/09/03 07/15/03 1-7/8% note—07/15/13-C 10y 24,013 11,000 1.999 - 98.881 

07/23/03 07/31/03 1-1/2% note—07/31/05-N 2y 49,936 29,996 1.510 - 99.980 

08/05/03 08/15/03 2-3/8% note—08/15/06-H 3y 35,482 27,907 2.422 - 99.865 

08/06/03 08/15/03 3-1/4% note—08/15/08-G 5y 48,065 21,354 3.300 - 99.771 

08/07/03 08/15/03 4-1/4% note—08/15/13-D 10y 38,491 20,515 4.370 - 99.036 

08/27/03 09/02/03 2% note—08/31/05-P 2y 48,731 30,590 2.040 - 99.922 

09/02/03 09/03/03 0.980% bill—09/15/03 12d 57,214 23,000 

09/10/03 09/11/03 0.940% bill—09/15/03 4d 44,389 10,000 

09/10/03 09/15/03 3-1/8% note—09/15/08-H 5y 39,477 16,000 3.230 - 99.519 

09/11/03 09/15/03 4-1/4% note—08/15/13-D 9y 11m 29,002 13,000 4.340 - 99.275 

09/24/03 09/30/03 1-5/8% note—09/30/05-Q 2y 61,488 31,535 1.695 - 99.863 

10/02/03 10/03/03 0.920% bill—10/15/03 12d 54,545 20,001 

10/08/03 10/15/03 3-1/8% note—10/15/08-J 5y 35,953 16,000 3.139 - 99.936 

10/09/03 10/15/03 1-7/8% note—07/15/13-C 9y 9m 20,224 9,000 2.229 - 97.201 

10/29/03 10/31/03 1-5/8% note—10/31/05-R 2y 61,426 32,368 1.737 - 99.781 

11/10/03 11/17/03 2-5/8% note—11/15/06-J 3y 53,285 26,538 2.625 - 100.000 

11/12/03 11/17/03 3-3/8% note—11/15/08-K 5y 38,547 18,179 3.430 - 99.749 

11/13/03 11/17/03 4-1/4% note—11/15/13-E 10y 33,962 18,634 4.360 - 99.116 

11/26/03 12/01/03 1-7/8% note—11/30/05-S 2y 51,586 32,201 1.939 - 99.875 

12/02/03 12/03/03 0.975% bill—12/15/03 12d 97,865 32,001 

12/10/03 12/15/03 3-3/8% note—12/15/08-L 5y 30,679 16,000 3.375 - 100.000 

12/11/03 12/15/03 4-1/4% note—11/15/13-E 9y 11m 21,339 12,000 4.365 - 99.076 

12/23/03 12/31/03 1-7/8% note—12/31/05-T 2y 63,771 33,987 1.950 - 99.854 

12/30/03 01/02/04 0.905% bill—01/15/04 13d 25,266 15,000 

01/07/04 01/15/04 3-1/4% note—01/15/09-D 5y 40,133 16,000 3.260 - 99.954 

01/08/04 01/15/04 2% note—01/15/14-A 10y 23,359 12,000 2.019 - 99.829 

01/29/04 02/02/04 1-7/8% note—01/31/06-K 2y 55,064 32,531 1.930 - 99.893 

02/10/04 02/17/04 2-1/4% note—02/15/07-H 3y 56,139 25,666 2.330 - 99.770 

02/11/04 02/17/04 3% note—02/15/09-E 5y 46,887 17,430 3.030 - 99.862 

02/12/04 02/17/04 4% note—02/15/14-B 10y 33,053 17,072 4.060 - 99.511 

02/25/04 03/01/04 1-5/8% note—02/28/06-L 2y 71,055 34,000 1.675 - 99.902 

03/02/04 03/03/04 0.980% bill—03/15/04 12d 91,255 27,000 

03/10/04 03/15/04 2-5/8% note—03/15/09-F 5y 39,573 16,000 2.695 - 99.675 

03/11/04 03/15/04 4% note—02/15/14-B 9y 11m 19,896 11,000 3.752 - 102.034 

03/24/04 03/31/04 1-1/2% note—03/31/06-M 2y 64,995 34,334 1.520 - 99.961 

04/01/04 04/02/04 0.960% bill—04/15/04 13d 78,305 25,004 

04/05/04 04/06/04 0.935% bill—04/20/04 14d 29,705 5,000 

04/07/04 04/08/04 0.970% bill—04/19/04 11d 45,016 16,000 

04/06/04 04/15/04 3-1/8% note—04/15/09-G 5y 36,548 16,000 3.220 - 99.564 

04/07/04 04/15/04 2% note—01/15/14-A 9y 9m 16,003 9,000 1.809 - 102.189 

04/28/04 04/30/04 2-1/4% note—04/30/06-N 2y 63,074 34,334 2.270 - 99.961 

05/11/04 05/17/04 3-1/8% note—05/15/07-J 3y 53,540 27,562 3.199 - 99.790 

05/12/04 05/17/04 3-7/8% note—05/15/09-H 5y 42,609 18,058 3.927 - 99.766 

05/13/04 05/17/04 4-3/4% note—05/15/14-C 10y 44,006 17,294 4.848 - 99.230 

05/26/04 06/01/04 2-1/2% note—05/31/06-P 2y 64,225 31,298 2.538 - 99.926 

05/27/04 06/01/04 0.905% bill—06/14/04 13d 25,405 5,000 

06/02/04 06/03/04 0.965% bill—06/15/04 12d 73,860 30,000 

06/08/04 06/09/04 0.970% bill—06/11/04 2d 14,930 4,000 

06/09/04 06/15/04 4% note—06/15/09-J 5y 43,696 15,000 4.010 - 99.955 

06/10/04 06/15/04 4-3/4% note—05/15/14-C 9y 11m 29,304 10,000 4.828 - 99.383 

06/23/04 06/30/04 2-3/4% note—06/30/06-Q 2y 61,894 32,581 2.785 - 99.932 

 1

 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-2. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2

 From date of additional issue in case of a reopening. 

3

 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4

 Includes securities issued to the Federal Reserve System; and to foreign and 

international monetary authorities, whether in exchange for maturing securities or for new 

cash. 

Note.— Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
44 PUBLIC DEBT OPERATIONS 

TABLE PDO-4.—Allotments by Investor Class 

for Marketable Public Debt Securities Other than Bills 

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Issue 

date 

Coupon

rate 

(%) 

(1) 

Security 

type 

(2) 

Series 

code 

(3) 

Sequence 

number 

(4) 

Maturity 

date 

(5) 

Total 

issue 

(6) 

Federal 

Reserve 

banks 

(7) 

Depository 

institutions 1

(8) 

Individuals 2

(9) 

Dealers 

and 

brokers 

(10) 

Private 

pension 

and 

retirement 

funds 

(11) 

Investment 

funds 

(12) 

Insurance 

companies 

(13) 

Foreign 

and 

international 

(14) 

Other 3 

(15) 

 

10/15/2002 3 IIS note C 1 07/15/2012 6,999 - 1 221 5,153 16 1,536 - 56 15 

10/31/2002 2-1/8 note T 0 10/31/2004 32,440 5,435 1,041 2,225 17,402 1 74 0.2 6,235 26 

11/15/2002 3 note G 0 11/15/2007 23,311 1,308 1,461 204 16,499 - 835 0.3 3,000 4 

11/15/2002 4 note E 0 11/15/2012 18,113 111 755 110 13,443 - 1,590 - 2,103 1 

12/02/2002 2 note U 0 11/30/2004 32,871 5,864 65 734 20,619 0.5 472 4 4,558 555 

12/31/2002 1-3/4 note V 0 12/31/2004 33,203 6,195 176 4,391 16,783 3 701 1 4,215 739 

01/15/2003 3 IIS note C 2 07/15/2012 6,004 - 5 196 3,221 40 1,638 1 759 143 

01/31/2003 1-5/8 note G 0 01/31/2005 33,837 6,834 61 835 17,003 1 1,882 3 7,208 11 

02/18/2003 3 note E 0 02/15/2008 27,489 3,484 613 1,963 16,861 50 799 - 3,603 116 

02/18/2003 3-7/8 note A 0 02/15/2013 19,498 1,497 612 134 9,864 0.02 5,080 - 2,313 - 

02/28/2003 1-1/2 note H 0 02/28/2005 35,332 8,333 37 773 18,279 4 1,226 3 6,670 8 

03/31/2003 1-5/8 note J 0 03/31/2005 35,211 8,211 35 901 13,450 2 7,953 0.3 4,655 5 

04/30/2003 1-5/8 note K 0 04/30/2005 34,295 7,293 26 743 13,601 0.3 6,550 1 6,068 13 

05/15/2003 2 note G 0 05/15/2006 22,392 391 58 796 15,929 1 2,068 0.4 2,941 208 

05/15/2003 2-5/8 note F 0 05/15/2008 18,339 336 50 163 12,177 1 2,788 0.5 2,823 - 

05/15/2003 3-5/8 note B 0 05/15/2013 18,254 252 250 141 13,667 - 2,346 0.4 1,509 88 

06/02/2003 1-1/4 note L 0 05/31/2005 31,021 6,020 77 845 15,000 2 1,746 2 7,320 9 

06/16/2003 2-5/8 note F 1 05/15/2008 15,000 - 296 48 12,881 0.1 1,234 - 542 1 

06/30/2003 1-1/8 note M 0 06/30/2005 31,701 6,700 100 800 15,414 3 1,403 1 7,270 11 

07/15/2003 1-7/8 IIS note C 0 07/15/2013 11,007 - 20 542 4,925 201 3,250 3 2,042 23 

07/31/2003 1-1/2 note N 0 07/31/2005 29,997 4,996 55 677 15,453 7 1,059 3 7,737 9 

08/15/2003 4-1/4 note D 0 08/15/2013 20,521 2,515 8 230 12,366 1 1,778 - 3,575 48 

08/15/2003 3-1/4 note G 0 08/15/2008 21,357 3,354 15 228 12,055 1 1,637 - 4,051 16 

08/15/2003 2-3/8 note H 0 08/15/2006 27,909 3,907 51 255 19,505 1 1,146 - 3,010 35 

09/02/2003 2 note P 0 08/31/2005 30,592 5,590 69 812 17,518 1 2,292 7 4,293 10 

09/15/2003 3-1/8 note H 0 09/15/2008 16,002 - 6 138 12,137 1 660 1 3,060 - 

09/15/2003 4-1/4 note D 1 08/15/2013 13,000 - 100 76 9,910 - 2,070 - 775 69 

09/30/2003 1-5/8 note Q 0 09/30/2005 31,539 6,535 47 715 15,458 2 1,647 6 7,089 41 

10/15/2003 3-1/8 note J 0 10/15/2008 15,996 - 7 94 8,000 0.3 3,540 - 4,345 10 

10/15/2003 1-7/8 IIS note C 1 07/15/2013 9,002 - 5 307 5,517 7 3,121 - 34 11 

10/31/2003 1-5/8 note R 0 10/31/2005 32,368 6,368 56 651 13,976 3 4,231 5 7,050 28 

11/17/2003 4-1/4 note E 0 11/15/2013 18,636 1,634 2 175 10,539 - 3,075 - 3,200 11 

11/17/2003 3-3/8 note K 0 11/15/2008 18,181 2,178 15 277 10,962 0.1 596 - 4,140 12 

11/17/2003 2-5/8 note J 0 11/15/2006 26,536 2,538 26 198 15,071 1 2,121 - 6,503 78 

12/01/2003 1-7/8 note S 0 11/30/2005 32,204 6,201 54 639 16,961 3 1,932 5 6,400 9 

12/15/2003 4-1/4 note E 1 11/15/2013 12,001 - 185 55 9,181 0.3 1,275 - 1,185 120 

12/15/2003 3-3/8 note L 0 12/15/2008 16,000 - 6 97 10,402 1 1,232 - 4,250 13 

12/31/2003 1-7/8 note T 0 12/31/2005 33,996 7,987 63 681 17,766 1 2,011 6 5,400 82 

01/15/2004 2 IIS note A 0 01/15/2014 12,000 - 10 275 7,051 9 4,175 5 453 23 

01/15/2004 3-1/4 note D 0 01/15/2009 16,003 - 5 358 9,561 251 1,601 - 4,147 80 

02/02/2004 1-7/8 note K 0 01/31/2006 32,533 6,531 61 851 14,254 3 2,100 6 8,603 124 

02/17/2004 3 note E 0 02/15/2009 17,434 1,430 15 194 9,094 257 984 - 5,325 135 

02/17/2004 4 note B 0 02/15/2014 17,082 1,072 1 144 8,733 6 2,244 - 4,820 62 

02/17/2004 2-1/4 note H 0 02/15/2007 25,469 1,666 25 257 12,981 10 2,421 - 7,995 113 

03/01/2004 1-5/8 note L 0 02/28/2006 34,002 8,000 71 873 13,798 - 2,501 5 8,555 199 

03/15/2004 4 note B 1 02/15/2014 11,000 - 100 45 8,842 0.2 760 - 1,235 18 

03/15/2004 2-5/8 note F 0 03/15/2009 16,001 - 256 294 8,661 - 1,425 - 5,295 70 

03/31/2004 1-1/2 note M 0 03/31/2006 34,339 8,334 37 929 13,813 1 2,224 5 8,742 256 

04/15/2004 3-1/8 note G 0 04/15/2009 16,003 - 9 91 9,374 0.3 1,555 0.1 4,863 110 

04/15/2004 2 IIS note A 1 01/15/2014 9,001 - 1,133 272 4,942 92 2,197 - 355 9 

04/30/2004 2-1/4 note N 0 04/30/2006 34,335 8,333 44 898 14,524 1 1,336 2 9,040 157 

05/17/2004 4-3/4 note C 0 05/15/2014 17,298 2,293 2 428 8,463 9 1,539 - 4,500 64 

05/17/2004 3-7/8 note H 0 05/15/2009 18,060 3,058 11 216 9,696 0.1 398 - 4,605 76 

05/17/2004 3-1/8 note J 0 05/15/2007 27,564 3,562 32 487 13,007 10 3,115 - 7,200 151 

06/01/2004 2-1/2 note P 0 05/31/2006 31,308 6,298 140 1,628 13,850 2 1,557 6 7,690 136 

06/15/2004 4-3/4 note C 1 05/15/2014 10,005 - - 68 6,191 0.2 726 - 3,000 21 

06/15/2004 4 note J 0 06/15/2009 15,005 - 11 160 6,508 0.1 3,690 - 4,550 85 

06/30/2004 2-3/4 note Q 0 06/30/2006 32,588 7,581 45 964 9,270 1 6,551 7 7,980 189 

07/15/2004 3-5/8 note K 0 07/15/2009 15,005 - 501 109 8,694 - 1,025 - 4,610 65 

07/15/2004 2 IIS note D 0 07/15/2014 10,001 - 5 112 6,255 38 2,576 - 926 89 

07/30/2004 2-3/8 IIS bond 0 01/15/2025 11,001 - 5 771 5,869 108 3,445 190 455 157 

1

 Depository institutions include banks. 

2

 Includes partnerships and personal trust accounts. 

3

 Residual. 
45

INTRODUCTION: Savings Bonds and Notes 

Series EE bonds, on sale since July 1, 1980, and series I 

bonds, on sale since September 1, 1998, are the savings 

bonds currently being sold. Series HH bonds are issued in 

exchange for series E and EE savings bonds and savings 

notes. Series A-D were sold from March 1, 1935, through 

April 30, 1941. Series E was on sale from May 1, 1941, 

through December 31, 1979 (through June 1980 to payroll 

savers only). Series F and G were sold from May 1, 1941, 

through April 30, 1952. Series H was sold from June 1, 

1952, through December 31, 1979. Series HH bonds were 

sold for cash from January 1, 1980, through October 31, 

1982. Series J and K were sold from May 1, 1952, through 

April 30, 1957. U.S. savings notes were on sale May 1, 

1967, through June 30, 1970. The notes were eligible for 

purchase by individuals with the simultaneous purchase of 

series E savings bonds. 

The principal terms and conditions for purchase and 

redemption and information on investment yields of savings 

notes appear in the “Treasury Bulletins” of March 1967 and 

June 1968; and in the Annual Report of the Secretary of the 

Treasury for fiscal year 1974. 

TABLE SBN-1.—Sales and Redemptions by Series, Cumulative through June 30, 2004 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

 Series 

Sales 1 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued discount 

(3) 

 Redemptions 1 

 (4) 

 Interest- 

 bearing debt 

 (5) 

 Matured 

 non-interest- 

 bearing debt 

 (6) 

 

Savings bonds: 

Series A-D 2..................................................... 3,949 1,054 5,003 5,002 - 1 

Series E, EE, H, and HH................................. 857,602 239,391 1,096,993 490,510 169,320 10,455 

Series I ............................................................ 21,126 1,683 22,809 1,289 24,698 - 

Series F and G................................................ 28,396 1,125 29,521 29,517 - 3 

Series J and K................................................. 3,556 198 3,754 3,753 - - 

Savings notes.................................................. 862 719 1,581 1,335 - 92 

Total ............................................................ 915,491 244,170 1,159,661 531,406 194,018 10,551 

 

1 Sales and redemption figures include exchange of minor amounts of (1) matured series 

E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J 

bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H 

bonds beginning January 1972; however, they exclude exchanges of series E bonds for 

series H and HH bonds. 

2

 Details by series on a cumulative basis and by period of series A-D combined can be 

found in the February 1952 and previous issues of the “Treasury Bulletin.” 
46 U.S. SAVINGS BONDS AND NOTES 

TABLE SBN-2.—Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 1 

(5) 

Accrued 

discount 1 

(6) 

Interestbearing debt 

(7) 

Matured 

non-interestbearing debt

(8) 

 

Fiscal years: 

1935-00.............................. 398,892 216,845 615,737 410,627 317,217 93,410 177,659 6,544 

2001 ................................... 8,047 8,381 16,428 13,846 6,480 7,366 179,515 6,751 

2002 ................................... 12,542 7,719 20,261 12,494 5,487 7,007 185,495 7,638 

2003 ................................... 13,776 7,276 21,052 12,057 5,401 6,656 192,563 8,832 

 

Calendar years: 

1935-00.............................. 409,865 241,586 651,451 454,633 331,065 123,568 176,802 7,794 

2001 ................................... 11,557 8,289 19,846 13,509 6,223 7,286 181,416 8,780 

2002 ................................... 10,101 7,596 17,697 12,582 5,524 7,058 184,698 10,058 

2003 ................................... 5,898 3,028 8,926 5,082 2,211 2,871 189,062 9,231 

 

2003 - June ........................ 1,215 549 1,764 994 456 538 189,887 9,124 

July......................... 1,361 655 2,016 1,102 509 593 190,849 9,019 

Aug......................... 1,251 593 1,844 1,034 477 557 191,685 8,921 

Sept........................ 1,232 551 1,783 923 420 503 192,563 8,832 

Oct.......................... 1,962 494 2,456 932 406 526 194,100 8,745 

Nov......................... 949 511 1,460 801 365 436 192,900 10,521 

Dec......................... 953 555 1,508 1,142 472 670 192,160 11,538 

2004 - Jan .......................... 1,145 662 1,807 1,320 541 1,860 192,832 11,259 

Feb......................... 781 604 1,385 1,009 410 1,419 193,282 11,075 

Mar......................... 726 549 1,275 1,218 506 1,724 193,423 10,883 

Apr.......................... 645 674 1,319 1,146 480 1,626 193,657 10,723 

May ........................ 956 347 1,302 1,087 471 1,558 193,909 10,599 

June ....................... 825 529 1,354 1,306 543 1,848 194,018 10,455 

 

1

 Because there is a normal lag in classifying redemptions, the distribution of redemptions 

between sales price and accrued discount has been estimated. 

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

Total 

(4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series E and EE 

 

Fiscal years: 

1941-00 ............. 353,733 213,100 566,833 360,376 257,388 102,988 23,611 162,749 6,169 

2001 .................. 4,307 8,271 12,578 12,822 5,330 7,492 1,160 161,044 6,710 

2002 .................. 5,689 7,227 12,916 11,187 4,197 6,990 1,470 160,038 7,588 

2003 .................. 5,058 6,673 11,731 10,734 3,986 6,748 1,337 158,536 8,761 

 

Calendar years: 

1941-00 ............. 356,853 228,644 585,497 377,849 268,295 109,554 25,682 161,386 7,739 

2001 .................. 4,591 8,064 12,655 12,349 5,012 7,337 1,234 159,365 6,710 

2002 .................. 5,695 7,042 12,737 11,195 3,272 7,923 1,442 158,083 9,948 

2003 .................. 2,135 2,864 4,999 4,597 1,624 2,973 606 158,676 9,151 

 

2003 - June ....... 336 496 832 873 338 535 87 158,651 9,047 

 July ........ 339 597 936 966 375 591 91 158,632 8,945 

 Aug ........ 289 526 815 911 354 557 79 158,554 8,848 

 Sept....... 296 478 774 806 304 502 74 158,536 8,761 

 Oct......... 612 416 1,028 816 294 522 86 158,747 8,675 

 Nov ........ 180 427 607 704 269 435 72 156,811 10,442 

 Dec ........ 557 464 1,021 1,027 359 668 109 155,722 11,417 

2004 - Jan ......... 640 567 1,207 1,178 401 1,579 121 155,899 11,147 

 Feb ........ 253 498 751 884 286 1,170 122 155,822 10,969 

 Mar ........ 401 448 849 1,065 354 1,419 148 155,644 10,783 

 Apr......... 367 578 945 998 333 1,331 121 155,603 10,628 

 May........ 529 258 787 951 336 1,287 122 155,419 10,507 

 June....... 440 444 884 1,154 393 1,547 148 155,061 10,366 

See note at end of table. 
U.S. SAVINGS BONDS AND NOTES 47

TABLE SBN-3.—Sales and Redemptions by Period, Series E, EE, H, HH, and I, con. 

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States;” Bureau of the Public Debt, Office of Public Debt Accounting] 

 Amount outstanding 

Redemptions 

Period 

Sales 

(1) 

Accrued 

discount 

(2) 

Sales plus 

accrued 

discount 

(3) 

 Total 

 (4) 

Sales price 

(5) 

Accrued 

discount 

(6) 

Exchange 

of E bonds 

for H and 

HH bonds 

(7) 

Interestbearing debt 

(8) 

Matured 

non-interestbearing debt

(9) 

Series H and HH 

 

Fiscal years: 

1952-00 ........... 13,970 - 13,970 24,739 24,739 - 23,519 12,759 20 

2001 ................ 101 - 101 1,023 1,023 - 1,160 12,815 41 

2002 ................ 47 - 47 921 921 - 1,470 13,361 50 

2003 ................ 33 - 33 946 946 - 1,336 13,765 71 

 

Calendar years: 

1952-00 ........... 13,760 - 13,760 26,330 26,330 - 24,681 12,704 22 

2001 ................ 47 - 47 1,053 1,053 - 1,225 12,860 85 

2002 ................ 41 - 41 923 923 - 1,580 13,496 110 

2003 ................ 22 - 22 323 323 - 605 13,731 80 

 

2003 - June ..... 1 - 1 87 87 - 87 13,750 77 

 July ...... 1 - 1 91 91 - 91 13,759 74 

 Aug ...... 1 - 1 79 79 - 79 13,759 73 

 Sept..... 1 - 1 74 74 - 74 13,765 71 

 Oct....... 3 - 3 73 73 - 86 13,784 70 

 Nov ...... 4 - 4 60 60 - 72 13,790 79 

 Dec ...... 2 - 2 70 70 - 109 13,789 121 

2004 - Jan ....... 8 - 8 89 89 - 121 13,838 112 

 Feb ...... 3 - 3 79 79 - 122 13,885 106 

 Mar ...... 4 - 4 96 96 - 148 13,939 99 

 Apr....... 2 - 2 83 83 - 142 14,001 94 

 May...... 2 - 2 71 71 - 142 14,095 92 

 June..... 2 - 2 76 76 - 229 14,259 89 

 

Series I 

 

Fiscal years: 

1999-00 ........... 1,730 41 1,771 49 49 - - 2,152 - 

2001 ................ 3,633 195 3,828 131 131 - - 5,656 - 

2002 ................ 6,806 490 7,296 366 366 - - 12,096 - 

2003 ................ 8,682 590 9,272 518 518 - - 20,262 - 

 

Calendar years: 

1999-00 ........... 2,583 71 2,654 75 75 - - 2,712 - 

2001 ................ 6,543 243 6,786 165 165 - 9,192 - 

2002 ................ 4,363 545 4,908 438 438 - - 13,120 - 

2003 ................ 3,742 206 3,948 206 206 - - 16,655 - 

 

2003 - June ..... 878 53 931 47 47 - - 17,487 - 

 July ...... 1,021 58 1,079 51 51 - - 18,457 - 

 Aug ...... 959 67 1,026 44 44 - - 19,373 - 

 Sept..... 934 72 1,006 45 45 - - 20,262 - 

 Oct....... 1,347 78 1,425 40 40 - - 21,569 - 

 Nov ...... 766 84 850 36 36 - - 22,299 - 

 Dec ...... 394 90 484 43 43 - - 22,649 - 

2004 - Jan ....... 498 95 593 51 51 - - 23,096 - 

 Feb ...... 525 106 631 45 45 - - 23,576 - 

 Mar ...... 320 101 421 56 56 - - 23,840 - 

 Apr....... 480 96 576 64 64 - - 24,052 - 

 May...... 71 89 160 64 64 - - 24,395 - 

 June..... 76 84 160 74 74 - - 24,698 - 

 

Note.—Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 

1967, through June 30, 1970, to E bond buyers. 
48 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Public Debt revised formats, titles, and column headings in 

the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Financial Management Service (FMS) 

compiles data in the “Treasury Bulletin” table OFS-1 from 

the “Monthly Statement of the Public Debt of the United 

States.” Effective June 2001, FMS revised procedures and 

categories in this table to agree with the Bureau of the Public 

Debt’s publication changes. 

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 49

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Financial Management Service] 

Public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

2001 ................................................ 5,834,475 5,807,463 2,468,757 460 2,468,297 559,636 

2002 ................................................ 6,255,406 6,228,236 2,675,648 311 2,675,336 628,414 

2003 ................................................ r 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

 

2003 - June ..................................... r 6,696,528 6,670,121 2,853,842 311 2,853,531 650,642 

July ...................................... r 6,777,582 6,751,195 2,848,868 311 2,848,557 651,450 

Aug ...................................... r 6,816,579 6,790,041 2,842,735 311 2,842,424 652,431 

Sept..................................... r 6,809,272 6,783,320 2,859,291 311 2,858,980 654,593 

Oct....................................... r 6,898,431 6,872,676 2,883,523 311 2,883,212 657,201 

Nov ...................................... r 6,950,591 6,925,066 2,893,152 233 2,892,919 656,775 

Dec ...................................... r 7,022,392 6,997,964 2,954,451 233 2,954,218 665,000 

2004 - Jan ....................................... r 7,033,215 7,009,235 2,964,456 233 2,964,223 659,088 

Feb ...................................... r 7,116,051 7,091,943 2,966,503 233 2,966,270 661,978 

Mar ...................................... r 7,155,263 7,131,068 2,954,401 233 2,954,168 672,391 

Apr....................................... 7,157,799 7,133,789 2,974,990 233 2,974,757 675,908 

May...................................... 7,220,322 7,196,383 2,989,498 142 2,989,356 679,588 

June..................................... 7,298,557 7,274,335 3,055,601 142 3,055,459 685,454 

 

 Public debt securities, con. Agency securities 

Held by private investors 

End of 

fiscal year 

or month 

Total 

(7) 

Marketable 

(8) 

Nonmarketable 

(9) 

Total 

outstanding 

(10) 

 Held by 

 private 

 investors 

 (11) 

 

2001 .................................................................... 2,779,070 2,370,630 408,441 27,011 27,011 

2002 .................................................................... 2,924,175 2,507,997 416,178 27,170 27,170 

2003 .................................................................... 3,269,347 2,805,814 463,443 r 25,952 r 25,952 

 

2003 - June ......................................................... 3,165,637 2,728,136 437,502 r 26,406 r 26,406 

July .......................................................... 3,250,877 2,761,325 489,552 r 26,387 r 26,387 

Aug .......................................................... 3,294,875 2,801,459 493,416 r 26,538 r 26,538 

Sept......................................................... 3,269,347 2,805,814 463,443 r 25,952 r 25,952 

Oct........................................................... 3,331,952 2,861,776 470,176 r 25,755 r 25,755 

Nov .......................................................... 3,375,138 2,905,952 469,186 r 25,525 r 25,525 

Dec .......................................................... 3,378,513 2,909,949 468,564 r 24,428 r 24,428 

2004 - Jan ........................................................... 3,385,691 2,922,468 463,222 r 23,980 r 23,980 

Feb .......................................................... 3,463,462 3,000,660 462,802 r 24,107 r 24,107 

Mar .......................................................... 3,504,276 3,048,590 455,686 r 24,195 r 24,195 

Apr........................................................... 3,482,891 3,021,292 461,599 24,010 24,010 

May.......................................................... 3,527,297 3,064,860 462,437 23,939 23,939 

June......................................................... 3,533,280 3,069,912 463,368 24,221 24,221 

 
50 OWNERSHIP OF FEDERAL SECURITIES 

TABLE OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues 

(Historical) 

[In millions of dollars. Source: Financial Management Service] 

Interest-bearing public debt securities 

Held by U.S. Government accounts 

End of 

fiscal year 

or month 

Total 

Federal 

securities 

outstanding 

(1) 

Total 

outstanding 

(2) 

Total 

(3) 

Marketable 

(4) 

Nonmarketable 

(5) 

Public issues 

held by Federal 

Reserve banks 

(6) 

 

1999 ................................................ 5,684,776 5,647,241 1,988,674 1,123 1,987,551 496,472 

2000 ................................................ 5,701,851 5,622,092 2,235,763 461 2,235,249 511,413 

 

 Agency securities 

Interest-bearing public debt securities, con. 

Held by private investors 

End of 

fiscal year 

or month 

 Total 

 (7) 

Marketable 

(8) 

 Non- 

 marketable 

 (9) 

Matured 

public 

debt 

and debt 

bearing no 

interest 

(10) 

 Total 

 outstanding 

 (11) 

Held by 

U.S. Government 

accounts and 

Federal Reserve 

banks 

(12) 

Held by 

private 

investors 

(13) 

 

1999 ...................................... 3,162,094 2,735,403 426,691 9,030 28,505 634 27,871 

2000 ...................................... 2,874,969 2,480,878 394,092 52,086 27,672 51 27,621 

 

Note.—Detail may not add to totals due to rounding. 
OWNERSHIP OF FEDERAL SECURITIES 51

TABLE OFS-2.—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Federal 

Reserve and 

Government 

accounts 2

(2) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

State and 

local 

governments 3

(10) 

Foreign 

and international 8

(11) 

Other 

investors 9

(12) 

 

1993 - Mar......... 4,230.6 1,328.6 2,902.0 362.6 163.6 112.3 171.2 208.0 202.0 434.0 585.9 662.5 

 June ....... 4,352.0 1,400.6 2,951.4 360.9 166.5 111.8 176.9 217.8 207.5 441.2 596.8 672.0 

 Sept........ 4,411.5 1,422.2 2,989.3 366.2 169.1 125.3 189.2 229.4 217.6 434.0 619.1 639.4 

 Dec......... 4,535.7 1,476.1 3,059.6 373.0 171.9 119.6 186.6 234.5 227.1 447.8 650.3 648.9 

1994 - Mar......... 4,575.9 1,476.0 3,099.9 397.4 175.0 119.9 195.3 233.4 212.8 443.4 661.1 661.6 

 June ....... 4,645.8 1,547.5 3,098.3 383.8 177.1 129.2 193.4 238.0 204.6 425.2 659.9 687.1 

 Sept........ 4,692.8 1,562.8 3,130.0 364.0 178.6 136.2 191.9 243.7 201.6 398.2 682.0 733.8 

 Dec......... 4,800.2 1,622.6 3,177.6 339.6 179.9 139.9 191.9 240.1 209.4 370.0 667.3 839.5 

1995 - Mar......... 4,864.1 1,619.3 3,244.8 353.0 181.4 141.6 203.1 244.2 210.6 350.5 707.0 853.5 

 June ....... 4,951.4 1,690.1 3,261.3 340.0 182.6 142.5 197.2 245.0 202.5 313.7 762.5 875.5 

 Sept........ 4,974.0 1,688.0 3,286.0 330.8 183.5 141.9 193.0 245.2 211.6 304.3 820.4 855.4 

 Dec......... 4,988.7 1,681.0 3,307.7 315.4 185.0 142.6 191.7 241.5 225.1 289.8 835.2 881.4 

1996 - Mar......... 5,117.8 1,731.1 3,386.7 322.1 185.8 144.2 198.9 239.4 240.9 283.6 908.1 863.6 

 June ....... 5,161.1 1,806.7 3,354.4 318.7 186.5 144.5 208.2 229.5 230.6 283.3 929.7 823.4 

 Sept........ 5,224.8 1,831.6 3,393.2 310.9 186.8 141.1 202.4 226.8 226.8 263.7 993.4 841.3 

 Dec......... 5,323.2 1,892.0 3,431.2 296.6 187.0 139.9 203.5 214.1 227.4 257.0 1,102.1 803.6 

1997 - Mar......... 5,380.9 1,928.7 3,452.2 317.3 186.5 141.4 203.7 181.8 221.9 248.1 1,157.6 793.9 

 June ....... 5,376.2 1,998.9 3,377.3 300.1 186.3 141.9 209.3 183.1 216.8 243.3 1,182.7 713.7 

 Sept........ 5,413.1 2,011.5 3,401.6 292.8 186.2 142.9 219.7 186.8 221.6 235.2 1,230.5 685.8 

 Dec......... 5,502.4 2,087.8 3,414.6 300.3 186.5 144.1 216.9 176.6 232.4 239.3 1,241.6 677.0 

1998 - Mar......... 5,542.4 2,104.9 3,437.5 308.3 186.2 136.5 211.9 169.4 234.7 238.1 1,250.5 701.8 

 June ....... 5,547.9 2,198.6 3,349.3 290.9 186.0 129.6 214.8 160.6 230.7 258.5 1,256.0 622.2 

 Sept........ 5,526.2 2,213.0 3,313.2 244.4 186.0 121.1 211.2 151.3 231.8 266.4 1,224.2 676.8 

 Dec......... 5,614.2 2,280.2 3,334.0 237.4 186.6 113.2 217.7 141.7 253.5 269.3 1,278.7 635.9 

1999 - Mar......... 5,651.6 2,324.1 3,327.5 247.4 186.5 109.5 218.4 137.5 254.0 272.5 1,272.3 629.4 

 June ....... 5,638.8 2,439.6 3,199.2 240.6 186.5 111.0 222.5 133.6 227.9 279.1 1,258.8 539.2 

 Sept........ 5,656.3 2,480.9 3,175.4 241.2 186.2 110.8 215.3 128.0 224.4 271.6 1,281.4 516.5 

 Dec......... 5,776.1 2,542.2 3,233.9 248.6 186.4 110.5 211.2 123.4 228.7 266.8 1,268.7 589.6 

2000 - Mar......... 5,773.4 2,590.6 3,182.8 237.7 185.3 108.5 247.3 120.0 222.0 260.0 1,106.9 694.9 

 June ....... 5,685.9 2,698.6 2,987.3 222.2 184.6 110.0 246.7 116.5 204.8 255.4 1,082.0 565.2 

 Sept........ 5,674.2 2,737.9 2,936.3 220.5 184.3 110.3 236.9 113.7 207.4 243.9 1,057.9 561.3 

 Dec......... 5,662.2 2,781.8 2,880.4 201.5 184.8 109.1 231.9 110.2 220.7 237.7 1,034.2 550.3 

2001 - Mar......... 5,773.7 2,880.9 2,892.8 188.0 184.8 106.7 231.6 109.1 220.7 249.3 1,029.9 572.8 

 June ....... 5,726.8 3,004.2 2,722.6 188.1 185.5 106.9 240.6 108.1 217.5 264.5 1,000.5 411.0 

 Sept........ 5,807.5 3,027.8 2,779.7 189.1 186.4 104.7 223.9 106.8 231.2 279.3 1,005.5 452.8 

 Dec......... 5,943.4 3,123.9 2,819.5 181.5 190.3 105.8 213.6 105.7 257.5 287.9 1,051.2 426.0 

2002 - Mar......... 6,006.0 3,156.8 2,849.2 187.6 191.9 107.9 223.2 114.0 264.3 293.9 1,067.1 399.4 

 June ....... 6,126.5 3,276.7 2,849.8 204.6 192.7 110.5 213.4 122.0 251.7 306.8 1,135.4 312.6 

 Sept........ 6,228.2 3,303.5 2,924.8 210.4 193.3 112.9 210.3 130.4 254.6 306.4 1,200.8 305.6 

 Dec......... 6,405.7 3,387.2 3,018.5 222.8 194.9 116.4 212.5 139.7 278.8 310.0 1,246.8 296.5 

2003 - Mar......... 6,460.8 3,390.8 3,069.9 153.1 196.9 120.3 213.5 144.1 295.1 301.2 1,288.3 357.6 

 June ....... 6,670.1 3,505.4 3,164.7 145.9 199.1 121.7 218.8 147.5 301.1 313.5 1,390.6 326.5 

 Sept........ 6,783.2 3,515.3 3,268.0 147.8 201.5 120.4 213.3 150.4 286.4 318.4 1,463.1 366.6 

 Dec......... 6,998.0 3,620.1 3,377.9 155.0 203.8 107.0 207.2 151.5 279.6 336.2 1,542.0 395.5 

2004 - Mar......... 7,131.1 3,628.3 3,502.8 166.2 204.5 108.1 205.3 153.4 279.3 339.4 1,706.9 339.7 

 June ....... 7,274.3 3,742.8 3,531.5 n.a. 204.6 n.a. n.a. n.a. n.a. n.a. 1,759.0 n.a. 

 

 1

 Source: “Monthly Statement of the Public Debt of the United States.” Face value. 

2

 Sources: Federal Reserve Bulletin, table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and U. S. Treasury for Government 

accounts. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes commercial banks, savings institutions, and credit unions. 

5

 Source: “Monthly Statement of the Public Debt of the United States.” Current 

 accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 

7

 Includes money market mutual funds, mutual funds, and closed-end investment 

companies. 

8

 Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. Estimates reflect the 1989 benchmark to 1994, the 1994 

benchmark to September 2001, the March 2000 benchmark to September 2002, the June 

2002 benchmark to December 2003, and the June 2003 benchmark to March 2004. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
52 

INTRODUCTION: Market Yields

The table in this section presents yields on Treasury 

marketable securities for maturities ranging from 1 month to 

20 years. 

Table MY-1 lists Treasury market bid yields at 

constant maturities for bills, notes, and bonds. These 

“constant maturity rates (CMTs)” are interpolated from 

the Treasury yield curve and published daily at Treasury's 

web site, www.ustreas.gov/offices/domestic-finance/debtmanagement/interest-rate/yield.html. The yield curve is 

fitted daily using a hermite cubic spline. For inputs, 

Treasury primarily uses the bid yields on the on-the-run 

securities (most recently auctioned Treasury securities in 

all maturity tranches that Treasury currently auctions) as 

of approximately 3:30 p.m. each trading day. CMT yields 

are based on semiannual interest payments and are read at 

constant maturity points to develop a consistent data 

series. 

The quotations used by Treasury to calculate the bid 

yields and fit the yield curve are obtained by the Federal 

Reserve Bank of New York. The Board of Governors of the 

Federal Reserve System also publishes the Treasury constant 

maturity data series in its weekly Statistical Release H.15. 

On July 31, 2001, Treasury expanded its constant 

maturity index to include a 1-month constant maturity yield, 

and Table MY-1 now includes a 1-month maturity beginning 

on that date. On February 18, 2002, Treasury discontinued 

the 30-year constant maturity yield. In lieu of the 30-year 

yield, Table MY-1 now includes a 20-year maturity. 

Historical data for the 20-year maturity is available from the 

Board of Governors’ Statistical Release H.15. 

Prior to January 2003, this section also included data on 

long-term Treasury, corporate and municipal yields (Table 

MY-2). Effective January 2003, Table MY-2 and Chart MYB were discontinued because Treasury no longer issues 

long-term bonds and no longer calculates or estimates longterm corporate rates. 

Chart MY-A, which previously was published in this 

section, has been discontinued. 

TABLE MY-1.—Treasury Market Bid Yields at Constant Maturities: 

Bills, Notes, and Bonds* 

[In percentages. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Period 

1-mo. 

(1) 

3-mo. 

(2) 

6-mo. 

(3) 

1-yr. 

(4) 

2-yr. 

(5) 

3-yr. 

(6) 

 5-yr. 

 (7) 

7-yr. 

(8) 

10-yr. 

(9) 

 20-yr. 

 (10) 

 

Monthly average: 

2003 - July ...................................... 0.90 0.92 0.97 1.12 1.47 1.93 2.87 3.45 3.98 4.92

Aug ..................................... 0.95 0.97 1.05 1.31 1.86 2.44 3.37 3.96 4.45 5.39

Sept .................................... 0.91 0.96 1.03 1.24 1.71 2.23 3.18 3.74 4.27 5.21

Oct ...................................... 0.91 0.94 1.02 1.25 1.75 2.26 3.19 3.75 4.29 5.21

Nov ..................................... 0.94 0.95 1.04 1.34 1.93 2.45 3.29 3.81 4.30 5.17

Dec ..................................... 0.89 0.91 1.01 1.31 1.91 2.44 3.27 3.79 4.27 5.11

2004 - Jan....................................... 0.85 0.90 0.99 1.24 1.76 2.27 3.12 3.65 4.15 5.01

Feb...................................... 0.92 0.94 1.01 1.24 1.74 2.25 3.07 3.59 4.08 4.94

Mar...................................... 0.96 0.95 1.01 1.19 1.58 2.00 2.79 3.31 3.83 4.72

Apr ...................................... 0.91 0.96 1.11 1.43 2.07 2.57 3.39 3.89 4.35 5.16

May ..................................... 0.91 1.04 1.33 1.78 2.53 3.10 3.85 4.31 4.72 5.46

June.................................... 1.05 1.29 1.64 2.12 2.76 3.26 3.93 4.35 4.73 5.45

 

End of month: 

2003 - July ...................................... 0.91 0.96 1.02 1.28 1.80 2.33 3.38 3.98 4.49 5.43

Aug ..................................... 0.98 0.98 1.06 1.35 1.95 2.51 3.46 4.00 4.45 5.33

Sept .................................... 0.87 0.95 1.01 1.15 1.50 1.95 2.85 3.41 3.96 4.91

Oct ...................................... 0.96 0.96 1.04 1.31 1.85 2.36 3.27 3.80 4.33 5.20

Nov ..................................... 0.96 0.93 1.04 1.39 2.06 2.56 3.38 3.89 4.34 5.20

Dec ..................................... 0.90 0.95 1.02 1.26 1.84 2.37 3.25 3.77 4.27 5.10

2004 - Jan....................................... 0.85 0.92 1.01 1.28 1.84 2.35 3.17 3.68 4.16 5.00

Feb...................................... 0.95 0.96 1.01 1.21 1.66 2.13 3.01 3.48 3.99 4.85

Mar..................................... 0.96 0.95 1.01 1.20 1.60 1.99 2.80 3.33 3.86 4.77

Apr ..................................... 0.83 0.98 1.17 1.55 2.31 2.86 3.63 4.11 4.53 5.31

May .................................... 0.94 1.08 1.39 1.83 2.54 3.10 3.81 4.26 4.66 5.39

June.................................... 1.17 1.33 1.68 2.09 2.70 3.16 3.81 4.24 4.62 5.33

 

* Rates are from the Treasury yields curve. 
53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2004 

[Source: Financial Management Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $851,233,558,787 $815,701,732,929 $815,194,147,995 $257,977,266 $249,607,668

Less amounts held by: 

The Treasury....................................... 310,662,840 24,162,840 23,969,825 7,505 185,510

FRBs ................................................... 117,751,942,243 117,008,017,794 117,008,015,183 - 2,611

Amounts in circulation............................. $733,170,953,704 $698,669,552,295 $698,162,162,987 $257,969,761 $249,419,547

Coins 2

Total 

(1) 

Dollars 3

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $35,531,825,858 $3,505,529,008 $32,026,296,850 

Less amounts held by: 

The Treasury....................................... 286,500,000 257,570,000 28,930,000 

FRBs ................................................... 743,924,449 199,012,195 544,912,254 

Amounts in circulation............................. $34,501,401,409 $3,048,946,813 $31,452,454,596 

See footnotes following table USCC-2. 
54 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2004 

[Source: Financial Management Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ...................................................................... $7,909,856,694 $7,764,814,031 $143,503 $144,899,160 

$2 ...................................................................... 1,363,309,136 1,231,029,046 132,267,518 12,572 

$5 ...................................................................... 9,373,288,075 9,235,060,760 109,393,610 28,833,705 

$10 .................................................................... 14,532,239,980 14,510,699,020 6,300 21,534,660 

$20 .................................................................... 105,644,811,960 105,624,704,980 3,840 20,103,140 

$50 .................................................................... 58,795,968,850 58,784,472,250 500 11,496,100 

$100 .................................................................. 500,736,376,500 500,698,245,400 16,143,900 21,987,200 

$500 .................................................................. 142,602,500 142,407,500 5,500 189,500 

$1,000 ............................................................... 165,873,000 165,660,000 5,000 208,000 

$5,000 ............................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ............................................................. 3,460,000 3,360,000 - 100,000 

Fractional notes 4 .............................................. 600 - 90 510 

Total currency ............................................... $698,669,552,295 $698,162,162,987 $257,969,761 $249,419,547 

Comparative totals of currency and coins in circulation—selected dates 

Amounts (in millions) 

(1) 

Per capita 5 

(2) 

 

June 30, 2004................................................................................................. 733,171 $2,497 

May 31, 2004.................................................................................................. 726,351 2,476 

April 30, 2004 ................................................................................................. 717,539 2,448 

Sept. 30, 2000 ................................................................................................ 568,614 2,061 

Sept. 30, 1995 ................................................................................................ 409,272 1,553 

Sept. 30, 1990 ................................................................................................ 278,903 1,105 

Sept. 30, 1985 ................................................................................................ 187,337 782 

Sept. 30, 1980 ................................................................................................ 129,916 581 

June 30, 1975................................................................................................. 81,196 380 

June 30,1970.................................................................................................. 54,351 265 

June 30, 1965................................................................................................. 39,719 204 

June 30, 1960................................................................................................. 32,064 177 

June 30, 1955................................................................................................. 30,229 183 

 

 1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents value of certain fractional denominations not presented for redemption. 

 5 Based on Bureau of the Census estimates of population. 
57

INTRODUCTION: International Financial Statistics

The tables in this section provide statistics on U.S. 

Government reserve assets, liabilities to foreigners, and its 

international financial position. All monetary figures are in 

dollars or dollar equivalents. 

• Table IFS-1 shows reserve assets of the United 

States, including its gold stock, special drawing rights held 

in the Special Drawing Account in the International 

Monetary Fund (IMF), holdings of convertible foreign 

currencies and reserve position in the IMF. 

• Table IFS-2 contains statistics on liabilities to 

foreign official institutions, and selected liabilities to all 

other foreigners, which are used in the U.S. balance of 

payments statistics. 

• Table IFS-3 shows nonmarketable bonds and notes 

that the Treasury issues to official institutions and other 

residents of foreign countries. 

TABLE IFS-1.—U.S. Reserve Assets 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

End of calendar 

year or month 

Total reserve 

assets 1

(1) 

Gold stock 2

(2) 

Special drawing 

rights 1, 3

(3) 

Foreign 

currencies 4

(4) 

Reserve 

position in 

International

Monetary 

Fund 1, 5

(5) 

 

1999 ................................................................................... 71,516 11,048 10,336 32,182 17,950 

2000 ................................................................................... 67,647 11,046 10,539 31,238 14,824 

2001 ................................................................................... 68,654 11,045 10,774 28,981 17,854 

2002 ................................................................................... 79,006 11,043 12,166 33,818 21,979 

 

2003 - July.......................................................................... 80,620 11,043 11,646 35,185 22,746 

Aug ......................................................................... 80,422 11,043 11,619 35,297 22,463 

Sept........................................................................ 84,431 11,043 12,062 37,259 24,067 

Oct.......................................................................... 84,150 11,043 12,079 37,433 23,595 

Nov ......................................................................... 85,142 11,043 12,244 38,237 23,618 

Dec ......................................................................... 85,938 11,043 12,638 39,722 22,535 

2004 - Jan .......................................................................... 85,257 11,045 12,598 39,727 21,887 

Feb ......................................................................... 84,741 11,045 12,687 39,190 21,819 

Mar ......................................................................... 85,192 11,045 12,691 39,814 21,642 

Apr.......................................................................... 82,090 11,045 12,445 38,279 20,322 

May......................................................................... 82,804 11,045 12,682 38,780 20,297 

June........................................................................ 82,652 11,045 12,659 38,872 20,076 

July ......................................................................... 81,375 11,045 12,586 38,352 19,393 

 

1

 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing 

the special drawing right (SDR) based on a weighted average of exchange rates for the 

currencies of selected member countries. The U.S. SDR holdings and reserve position in the 

IMF also are valued on this basis beginning July 1974. 

2

 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 United 

States Code 5117 (b) issues gold certificates to the Federal Reserve at the same rate against 

all gold held. 

3

 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus 

transactions in SDRs. 

4

 Includes holdings of Treasury and Federal Reserve System; beginning November 

1978, these are valued at current market exchange rates or, where appropriate, at 

such other rates as may be agreed upon by the parties to the transactions. 

5

 The United States has the right to purchase foreign currencies equivalent to its 

reserve position in the IMF automatically if needed. Under appropriate conditions, the 

United States could purchase additional amounts related to the U.S. quota. 

Note.—Detail may not add to total due to rounding. 
58 INTERNATIONAL FINANCIAL STATISTICS 

TABLE IFS-2.—Selected U.S. Liabilities to Foreigners 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities to foreign countries 

 Official institutions 1 

Liabilities to other foreigners 

End of 

calendar 

year or 

month 

Total 

(1) 

Total 

(2) 

Liabilities 

reported 

by 

banks in 

United 

States 

(3) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2

(4) 

Nonmarketable

U.S. 

Treasury 

bonds 

and 

notes 3

(5) 

Other 

readily 

marketable 

liabilities 2, 4

(6) 

Liabilities 

to 

banks 5

(7) 

Total 

(8) 

Liabilities 

reported 

by banks 

in the 

United 

States 

(9) 

Marketable 

U.S. 

Treasury 

bonds 

and 

notes 2, 6

(10) 

Liabilities 

to nonmonetary 

international and 

regional 

organizations 7

(11) 

 

2000 - Mar. 8........... 2,576,611 805,904 301,358 430,243 5,734 68,569 933,296 813,334 196,440 616,894 24,077 

Series Break........... 2,440,803 872,022 301,358 465,111 5,734 99,819 933,296 587,003 196,440 390,563 48,482 

2000 ....................... 2,560,801 888,000 297,603 450,832 5,348 134,217 1,049,619 581,309 228,332 352,977 41,873 

2001 ....................... 2,719,151 895,406 282,290 454,306 3,411 155,399 1,125,812 653,374 284,671 368,703 44,559 

2002 - June 8 .......... 2,997,081 953,532 328,090 451,163 3,000 171,279 1,299,551 696,788 296,705 400,083 47,210 

Series Break........... 3,006,298 1,042,606 328,090 559,599 3,000 151,917 1,299,551 642,450 296,705 345,745 21,691 

2002 ....................... 3,238,149 1,077,938 335,090 569,891 2,769 170,188 1,382,628 750,890 325,764 425,126 26,693 

2003 - June 8 .......... 3,594,705 1,177,157 379,181 610,122 2,876 184,978 1,427,782 962,236 453,775 508,461 27,530 

Series Break........... 3,601,468 1,233,454 379,181 650,336 2,876 201,061 1,427,782 912,555 453,775 458,780 27,677 

 

2003 - June ............ 3,601,468 1,233,454 379,181 650,336 2,876 201,061 1,427,782 912,555 453,775 458,780 27,677 

July r........... 3,709,843 1,240,603 373,665 662,674 2,894 201,370 1,475,560 964,543 470,632 493,911 29,137 

Aug. r ......... 3,714,357 1,249,638 382,808 661,711 2,913 202,206 1,436,551 1,001,544 484,602 516,942 26,624 

Sept. r ......... 3,710,640 1,276,580 398,145 669,787 2,931 205,717 1,407,657 997,333 481,750 515,583 29,070 

Oct. r ........... 3,705,962 1,298,232 396,671 689,238 2,951 209,372 1,348,554 1,031,618 523,379 508,239 27,558 

Nov. r .......... 3,829,442 1,323,335 401,026 708,121 2,640 211,548 1,418,723 1,061,401 536,152 525,249 25,983 

Dec. r. ......... 3,861,648 1,341,446 402,710 719,450 2,613 216,673 1,433,876 1,060,693 515,728 544,965 25,633 

2004 - Jan. r ........... 3,992,686 1,391,338 422,075 746,360 1,521 221,382 1,457,140 1,117,497 550,568 566,929 26,711 

Feb.............. 4,129,659 1,421,522 430,094 762,431 1,529 227,468 1,514,609 1,168,515 580,827 587,688 25,013 

Mar.............. 4,198,204 1,463,606 434,143 796,336 1,540 231,587 1,515,845 1,194,813 580,336 614,477 23,940 

Apr .............. 4,280,457 1,478,523 423,410 818,476 1,549 235,088 1,520,768 1,257,286 629,477 627,809 23,880 

May p.......... 4,296,340 1,495,499 425,992 833,036 1,559 234,913 1,500,689 1,276,209 633,715 642,494 23,943 

June p......... 4,343,954 1,528,824 440,537 850,576 1,569 236,143 1,527,263 1,263,520 598,279 665,241 24,347 

 

1

 Includes Bank for International Settlements. 

2

 Derived by applying reported transactions to benchmark data. 

3

 Includes current value of zero-coupon Treasury bond issues to foreign governments as 

follows: Mexico, beginning March 1990, 30-year maturity issue; Venezuela, beginning 

December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity 

issue. Also, see footnotes to table IFS-3. 

4

 Includes debt securities of U.S. Government corporations, federally-sponsored agencies 

and private corporations. 

5

 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign 

currencies to foreign banks and to “other foreigners.” 

6

 Includes marketable U.S. Government bonds and notes held by foreign banks. 

7

 Principally the International Bank for Reconstruction and Development, the InterAmerican Development Bank, and the Asian Development Bank. 

8

 Data on the two lines shown for this date reflect different benchmark bases for foreigners’ 

holdings of selected U.S. long-term securities. Figures on the first line are comparable to 

those for earlier dates; figures on the second line are based in part on benchmark surveys 

as of end-March 2000, end-June 2002, and end-June 2003, respectively, and are 

comparable to those shown for the following dates. 

Note.—Table is based on Treasury data and on data reported to the Treasury by banks, 

other depository institutions and brokers in the United States. Data generally correspond to 

statistics following in this section and in the “Capital Movements” section. Table excludes 

International Monetary Fund “holdings of dollars” and holdings of U.S. Treasury letters of 

credit and nonnegotiable noninterest-bearing special U.S. notes held by international and 

regional organizations. 
INTERNATIONAL FINANCIAL STATISTICS 59

TABLE IFS-3.—Nonmarketable U.S. Treasury Bonds and Notes Issued 

to Official Institutions and Other Residents of Foreign Countries 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Payable in dollars 

End of calendar 

year or month 

Grand total 

(1) 

Total 

(2) 

Argentina 1

(3) 

Mexico 2

(4) 

Venezuela 3

(5) 

 

1999 .............................................................................. 6,111 6,111 1,259 4,313 539 

2000 .............................................................................. 5,348 5,348 1,244 3,520 584 

2001 .............................................................................. 3,411 3,411 977 1,801 633 

2002 .............................................................................. 2,769 2,769 715 1,368 686 

 

2003 - June ................................................................... 2,876 2,876 741 1,422 713 

July .................................................................... 2,894 2,894 745 1,431 718 

Aug .................................................................... 2,913 2,913 750 1,440 723 

Sept................................................................... 2,931 2,931 754 1,449 728 

Oct..................................................................... 2,951 2,951 759 1,459 733 

Nov .................................................................... 2,640 2,640 763 1,139 738 

Dec .................................................................... 2,613 2,613 768 1,102 743 

2004 - Jan ..................................................................... 1,521 1,521 773 - 748 

Feb .................................................................... 1,529 1,529 777 - 752 

Mar .................................................................... 1,540 1,540 782 - 758 

Apr..................................................................... 1,549 1,549 786 - 763 

May.................................................................... 1,559 1,559 791 - 768 

June................................................................... 1,569 1,569 796 - 773 

 

1

 Beginning April 1993, includes current value (principal and accrued interest) of zerocoupon, 30-year maturity Treasury bond issue to the government of Argentina. Remaining 

face value of issue is $3,060 million. 

2

 Beginning March 1990, indicates current value of zero-coupon, 30-year maturity issue to 

the government of Mexico. Remaining face value of issue is $3,821 million. Note: This 

issue was paid off in full and retired on January 29, 2004. 

3

 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity 

Treasury bond issue to the Republic of Venezuela. Remaining face value of issue is 

$2,721 million. 
60 

INTRODUCTION: Capital Movements 

Background 

Data relating to U.S. international transactions in 

financial instruments and to other portfolio capital 

movements between the United States and foreign countries 

have been collected in some form since 1935. This 

information is necessary for compiling the U.S. balance of 

payments accounts, for calculating the U.S. international 

investment position, and for use in formulating U.S. 

international financial and monetary policies. 

From the beginning, reporting under the Treasury data 

collection program has been mandatory. Under the current 

Treasury International Capital (TIC) reporting system, an 

assortment of monthly, quarterly, and semiannual reports are 

filed with district Federal Reserve banks by commercial 

banks, securities dealers, other financial institutions, and 

nonbanking enterprises in the United States. These data are 

centrally processed and maintained at the Federal Reserve 

Bank of New York, which, along with the district banks, acts 

as fiscal agent for Treasury. Beginning in late 1998, the 

Federal Reserve Board also undertakes services on behalf of 

Treasury in support of the TIC data collection system. The 

TIC reports of individual respondents are treated as 

confidential, and access to the respondent level data and to 

some sensitive data aggregates is strictly limited to specific 

staff of Treasury and the Federal Reserve System. 

Data derived from Treasury reports are published in the 

Capital Movements section of this quarterly Treasury Bulletin 

and are posted monthly on the TIC website, 

http://www.ustreas.gov/tic. (See NOTE at the end of the 

INTRODUCTION text for additional website information.) 

TIC data aggregates are also published in the Federal Reserve 

Bulletin and are used in the U.S. international transactions and 

investment position compilations published by the 

Department of Commerce in the Survey of Current Business.

Forms and instructions are developed with the cooperation 

of other Government agencies and the Federal Reserve 

System and in consultation with representatives of banks, 

securities firms, and nonbanking enterprises. The most recent 

revisions to selected reporting forms and instructions were 

effective February 28, 2003. The major changes are outlined 

under “Description of statistics” below. Copies of the 

reporting forms and instructions may be obtained from the 

Office of Program Services, Office of the Assistant Secretary 

for International Affairs, Treasury, Washington, D.C. 20220; 

the International Finance Division, Board of Governors of the 

Federal Reserve System, Washington, D.C. 20551; or district 

FRBs. Reporting forms and instructions also may be 

downloaded from the TIC website. 

Basic definitions 

The term “foreigner” as used in TIC reporting covers all 

institutions and individuals resident outside the United 

States, including U.S. citizens domiciled abroad; the foreign 

branches, subsidiaries and offices of U.S. banks and business 

concerns; the central governments, central banks, and other 

official institutions of foreign countries, wherever located; 

and international and regional organizations, wherever 

located. The term “foreigner” also includes persons in the 

United States to the extent that they are known by reporting 

institutions to be acting on behalf of foreigners.

In general, information is reported opposite the country or 

geographical area where the foreigner is located, as shown on 

records of reporting institutions. This information may not 

always reflect the ultimate ownership of assets. Reporting 

institutions are not required to go beyond addresses shown on 

their records and may not be aware of the actual country of 

domicile of the ultimate beneficiary. 

Transactions with branches or agencies of foreign official 

institutions, wherever located, are reported opposite the 

country that has sovereignty over the institutions. Transactions 

with international and regional organizations are not reported 

opposite any single country, but are accounted for in regional 

groupings of such organizations. The only exception is 

information pertaining to the Bank for International 

Settlements, which is reported opposite “Other Europe.” For 

purposes of publication only, information on the European 

Central Bank also is included in “Other Europe.” 

“Short-term” refers to obligations payable on demand or 

having an original maturity of one year or less. “Long-term” 

refers to obligations having an original maturity of more 

than one year and includes securities having no maturity. 

Reporting coverage 

TIC reports are required from banks and other depository 

institutions, bank/financial holding companies (BHCs/FHCs), 

securities brokers and dealers, and nonbanking concerns in 

the United States, including the branches, agencies, 

subsidiaries, and other affiliates in the United States of 

foreign banking and nonbanking firms. Institutions with total 

reportable liabilities, claims, or securities transactions below 

specified reporting thresholds are exempt from reporting. 

Beginning in February 2003, substantial revisions to the 

coverage and formats of the TIC B-series and C-series forms 

were introduced. The reasons for the changes were to 

comply with new and expanded international standards for 

reporting data on portfolio investment; to reduce reporting 

burden; to clarify reporting concepts and instructions; and to 

improve the quality of the series by closing known gaps in 

the data. Notices of these changes and requests for public 

comments on them were published in the Federal Register

last year and some modifications were made in response to 

the comments received. A detailed outline of the changes 

affecting each form may be accessed on the TIC website. 
CAPITAL MOVEMENTS 61

Banks, other depository institutions, and securities brokers 

and dealers file monthly B-series reports covering their dollar 

liabilities to, and dollar claims on foreigners in a number of 

countries. Twice a year, June 30 and December 31, they also 

report the same liabilities and claims items attributed to 

foreigners in countries not shown separately on the monthly 

reports. Quarterly reports are filed for liabilities and claims 

denominated in foreign currencies and for claims on 

foreigners held for respondents’ domestic customers. All 

positions are exclusive of long-term securities. Beginning 

January 2001, the exemption level applicable to the banking 

reports was raised from $15 million to $50 million. This 

exemption level is also subject to the provision that reportable 

amounts for any one country do not exceed $25 million. 

Banks and other depository institutions, securities 

brokers and dealers, and other entities report their 

transactions with foreigners by country in long-term 

securities on monthly Form S. Respondents must report 

securities transactions with foreigners if their aggregate 

purchases or their aggregate sales amount to at least $50 

million during the covered month. 

Quarterly reports are filed by exporters, importers, 

industrial and commercial concerns, financial institutions 

(other than banks, other depository institutions, and 

securities firms), and other nonbanking enterprises on their 

liabilities and claims positions with foreigners. Except as 

noted below under “Description of statistics,” the reportable 

liabilities and claims positions are with unaffiliated 

foreigners. Separate reports are filed for financial balances 

and for commercial balances. Effective for reports filed as of 

March 31, 2003, the threshold applicable to Form CQ-1 for 

reporting financial liabilities to, and claims on, foreigners is 

$50 million, up from $10 million. At the same time, the 

reporting threshold for Form CQ-2, which covers 

commercial liabilities and claims positions with foreigners, 

was raised from $10 million to $25 million. 

The data in these tables do not cover all types of reported 

capital movements between the United States and other 

countries. Except as noted in Section IV in “Description of 

statistics” below, the principal exclusions are the 

intercompany capital transactions of nonbanking business 

enterprises in the United States with their own branches and 

subsidiaries abroad or with their foreign parent companies 

(own foreign offices) and capital transactions of the U.S. 

Government. Consolidated data on all types of international 

capital transactions are published by the Department of 

Commerce in its regular reports on the U.S. balance of 

payments. 

Description of statistics 

Data collected on the TIC forms are published in the 

“Capital Movements” tables in five sections. Each section 

contains all the data relevant to the same statistical series, 

with tables showing time series by type and country, and 

detailed breakdowns of the latest available data. 

• Section I covers liabilities to foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

all domestic nonbank, non-securities firm affiliates, other 

than their insurance affiliates, which report separately on the 

C-series forms. Dollar-denominated liabilities are reported 

monthly on Forms BL-1 and BL-2. Liabilities denominated 

in foreign currencies are reported quarterly on Form BQ-2. 

Respondents report certain of their own liabilities and a wide 

range of their custody liabilities to foreigners. Effective with 

reports filed as of February 28, 2003, coverage was 

broadened to cover the positions of U.S. broker-dealer 

respondents with their affiliated foreign offices. (Depository 

institutions and BHCs/FHCs already reported such 

positions.) The scope of the reports was also extended to 

include cross-border brokerage balances as well as offshore 

sweep accounts and loans to U.S. residents in “managed” 

foreign offices of U.S. reporting institutions. Additionally, in 

a new Part 2, Form BQ-2 was expanded to include the 

foreign currency-denominated liabilities held by respondents 

for their domestic customers. Further, banks’ own positions 

have been defined to be consistent with regulatory reports 

such as the FR 2950/2951 to include all amounts in the 

respondent’s “due to/due from” accounts, unless in an 

instrument that is specifically excluded. Finally, the columns 

for demand deposits and non-transactions accounts are now 

combined, as are short-term U.S. agency securities and other 

negotiable and readily transferable instruments. 

• Section II presents claims on foreigners reported by 

banks, other depository institutions, and securities brokers 

and dealers in the United States. BHCs/FHCs also report for 

their domestic nonbank and non-securities firm affiliates, 

other than their insurance affiliates, which report separately 

on the C-series forms. Data on respondents’ own dollar 

claims are collected monthly on Form BC. Information on 

claims held for domestic customers as well as on claims 

denominated in foreign currencies is collected on a quarterly 

basis only on Forms BQ-1 and BQ-2, respectively. Effective 

with reports filed as of February 28, 2003, reporting 

coverage was expanded as outlined in Section I. 

Additionally, columns were added for separate reporting of 

negotiable CDs and other short-term negotiable instruments 

issued by foreigners. Further, the foreigner category, 

“foreign official institutions,” replaced the former, broader 

category, “foreign public borrowers,” for consistency with 

the liabilities reporting on this sector. 

• Section III contains supplementary data on dollar 

liabilities to, and dollar claims on, countries not listed 

separately on the monthly reports submitted by banks, other 

depository institutions, and securities brokers and dealers in 

the United States. The supplementary reports are filed 

semiannually as of the end of June and December. 

• Section IV shows the liabilities to, and claims on, 

unaffiliated foreigners of exporters, importers, industrial and 

commercial concerns, financial institutions (other than 
62 CAPITAL MOVEMENTS 

banks, other depository institutions, and securities brokers 

and dealers), and other nonbanking enterprises in the United 

States. Data exclude claims on foreigners held by banks in 

the United States. 

Historically, the information does not include any 

accounts of nonbanking enterprises in the United States with 

their own branches and subsidiaries abroad or with their 

foreign parent companies. These are reported by business 

enterprises to Commerce on its direct investment forms. 

However, effective with reports filed as of March 31, 2003, 

a number of changes were introduced in the coverage and 

reporting formats of nonbanking forms. A major revision is 

the addition of Section B to Form CQ-1 to capture foreign 

affiliate positions (including those with affiliates of the 

respondent’s parent) of insurance underwriting subsidiaries 

and financial intermediaries. Insurance underwriting 

subsidiaries of BHCs/FHCs now include positions vis-à-vis 

all foreign-resident affiliates. From end-March 2003 

forward, financial intermediaries are to report positions visà-vis all foreign-resident affiliated financial intermediaries. 

• Section V contains information on transactions with 

foreigners in long-term domestic and foreign securities as 

reported by banks, securities brokers and dealers, and other 

entities in the United States. The data cover transactions 

executed in the United States for the accounts of foreigners 

and transactions executed abroad for the accounts of 

reporting institutions and their domestic customers. This 

includes transactions in newly-issued securities as well as 

transactions in, and redemptions of, outstanding issues. 

However, the data do not include nonmarketable Treasury 

bonds and notes shown in table IFS-3. 

The geographical allocation of the transactions data 

indicates the country of location of the foreign buyers and 

sellers who deal directly with reporting institutions in the 

United States. The data do not necessarily indicate the 

country of beneficial owner or issuer, or the currency of 

denomination of securities. For instance, a U.S. purchaser’s 

order for Japanese securities may be placed directly with an 

intermediary in London. In this instance, the transaction for 

Form S reporting purposes would be recorded opposite the 

United Kingdom and not opposite Japan. Similarly, 

purchases and sales of U.S. securities for the account of an 

Italian resident may be placed, for example, in the Swiss 

market. In that case, the trades would be reported opposite 

Switzerland and not opposite Italy. 

NOTE: Current and historical data on United States 

transactions with foreigners in long-term securities and on 

the gross foreign liabilities and claims reported by banks in 

the United States are available on the TIC website: 

http://www.ustreas.gov/tic. These data may be downloaded 

as separate time series for each country or geographical area 

regularly shown in the capital movements tables. Also 

available on this website are other series, including a table 

on “Major Foreign Holders of Treasury Securities,” showing 

estimated total holdings of U.S. Treasury bills, bonds and 

notes for current and recent periods. All data series on the 

TIC website are updated monthly. 
CAPITAL MOVEMENTS 63

SECTION I.—Liabilities to Foreigners Reported by Banks 

in the United States 

Table CM-I-1.—Total Liabilities by Type and Holder 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Type of Liability 

 Calendar 

 Year 

 2002 Dec. r Jan. r Feb. r Mar. Apr. May June p 

Total liabilities to all foreigners............................... 2,066,131 2,374,482 2,452,905 2,547,079 2,550,696 2,593,766 2,580,590 2,586,387 

Payable in dollars............................................... 1,985,588 2,313,007 2,391,430 2,485,604 2,487,394 2,530,464 2,517,288 2,523,085 

Foreign official institutions 1 ........................... 335,090 402,710 422,075 430,094 434,143 423,410 425,992 440,537 

Deposits, excluding negotiable CDs.......... 20,733 24,147 23,881 26,613 25,276 25,794 28,418 28,763 

U.S. Treasury bills and certificates ............ 190,444 212,025 213,135 224,028 231,604 224,750 232,899 231,761 

Other liabilities............................................ 123,913 166,538 185,059 179,453 177,263 172,866 164,675 180,013 

Foreign banks (including own foreign 

 offices) and other foreigners ........................ 1,637,031 1,896,148 1,954,252 2,041,980 2,039,086 2,093,150 2,077,309 2,068,447 

Deposits, excluding negotiable CDs.......... 148,729 818,247 800,853 834,269 824,253 845,215 834,692 862,075 

U.S. Treasury bills and certificates ............ 45,263 45,570 44,204 47,900 49,435 47,179 42,566 44,729 

Other liabilities............................................ 1,443,039 1,032,331 1,109,195 1,159,811 1,165,398 1,200,756 1,200,051 1,161,643 

International and regional organizations 2 ..... 13,467 14,149 15,103 13,530 14,165 13,904 13,987 14,101 

Deposits, excluding negotiable CDs.......... 5,769 5,784 7,500 8,452 9,467 7,178 7,103 7,189 

U.S. Treasury bills and certificates ............ 1,089 110 137 178 727 555 916 742 

Other liabilities............................................ 6,609 8,255 7,466 4,900 3,971 6,171 5,968 6,170 

Payable in foreign currencies 3 .......................... 80,543 61,475 61,475 61,475 63,302 63,302 63,302 63,302 

Sector: 

Banks and other foreigners........................ 71,361 53,456 53,456 53,456 57,095 57,095 57,095 57,095 

International and regional organizations 2 ...... 9,182 8,019 8,019 8,019 6,207 6,207 6,207 6,207 

Major currencies: 

Canadian dollars ........................................ 6,636 4,774 4,774 4,774 5,157 5,157 5,157 5,157 

Euro............................................................ 39,393 31,546 31,546 31,546 32,284 32,284 32,284 32,284 

United Kingdom pounds sterling................ 6,998 4,528 4,528 4,528 7,263 7,263 7,263 7,263 

Japanese yen............................................. 20,393 16,136 16,136 16,136 14,263 14,263 14,263 14,263 

Memoranda: 

Respondents’ own liabilities payable in 

 dollars........................................................... 1,363,270 1,658,506 1,733,628 1,806,963 1,802,378 1,851,650 1,828,007 1,831,533 

Liabilities to own foreign offices..................... 941,416 1,105,952 1,119,518 1,175,185 1,184,434 1,188,512 1,175,265 1,173,142 

Liabilities collaterized by repurchase 

 agreements ............................................. 190,134 462,860 533,365 544,802 530,736 567,207 562,102 552,103 

Foreign official institutions 1 ................... 57,097 83,002 94,336 92,703 88,929 90,459 80,285 98,738 

Foreign banks and other foreigners....... 131,025 375,118 436,139 450,843 440,965 475,467 480,379 451,826 

International and regional organizations 2..... 2,012 4,740 2,890 1,256 842 1,281 1,438 1,539 

Reported by IBFs ........................................... 407,562 367,190 370,211 397,830 407,852 381,760 372,872 392,081 

Respondents’ own liabilities payable in 

 foreign currencies 3 ...................................... 80,543 61,158 61,158 61,158 62,930 62,930 62,930 62,930 

Reported by IBFs ........................................... 51,788 36,689 36,689 36,689 39,006 39,006 39,006 39,006 

Liabilities held in custody for domestic 

 customers..................................................... 622,318 654,818 658,119 678,958 685,388 679,186 689,653 691,924

Payable in dollars....................................... 622,318 654,501 657,802 678,641 685,016 678,814 689,281 691,552 

Payable in foreign currencies 3 .................. n.a. 317 317 317 372 372 372 372 

 

1

 Includes Bank for International Settlements. 

2

 Principally the International Bank for Reconstruction and Development (World Bank) 

and the Inter-American Development Bank. 

3

 Data may be as of preceding quarter-end for most recent month shown in table. 
64 CAPITAL MOVEMENTS 

TABLE CM-I-2.—Total Liabilities by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 

Country 2001 2002 2003 r Feb. r Mar. Apr. May June p 

Europe: 

Austria ............................................... 3,277 2,862 4,834 4,239 4,535 4,354 5,057 4,732

Belgium 1 ........................................... 6,852 9,641 9,630 7,415 6,681 9,528 10,116 14,396

Bulgaria ............................................. 267 219 223 224 197 190 210 203

Czech Republic................................. 612 531 2,357 2,534 2,618 2,251 2,200 2,246

Denmark............................................ 3,778 5,115 3,793 2,494 2,533 2,807 2,176 2,002

Finland............................................... 1,446 1,711 1,818 3,516 2,516 1,241 1,135 2,144

France ............................................... 57,924 44,098 41,757 54,205 46,239 46,479 43,345 47,911

Germany............................................ 26,296 42,235 53,523 60,440 55,454 53,972 56,140 59,154

Greece............................................... 2,308 2,996 1,256 1,510 1,833 1,437 1,459 1,818

Hungary............................................. 730 439 346 544 612 349 684 295

Ireland ............................................... 16,694 33,146 31,382 38,485 37,306 42,701 44,571 41,372

Italy.................................................... 7,243 6,098 6,621 9,431 8,276 8,154 8,692 10,486

Luxembourg 1 .................................... 17,107 32,943 37,021 43,706 40,121 37,829 39,515 39,151

Netherlands....................................... 12,660 11,419 18,305 16,310 20,978 26,016 27,963 19,034

Norway .............................................. 3,746 18,907 22,467 19,220 22,738 30,228 27,307 44,296

Poland ............................................... 3,695 4,205 3,723 5,283 4,401 3,860 5,978 4,682

Portugal............................................. 4,082 3,676 991 1,054 1,633 1,354 1,307 1,513

Romania............................................ 1,481 1,919 574 593 710 523 389 841

Russia 2 ............................................. 20,808 23,158 41,692 47,705 45,714 44,147 45,455 49,811

Serbia and Montenegro (formerly 

Yugoslavia) 3 ................................. 309 301 160 159 81 175 89 104

Spain ................................................. 9,251 14,499 10,311 10,402 8,868 9,715 9,319 9,242

Sweden ............................................. 3,451 4,697 7,370 7,575 8,533 9,670 6,110 7,778

Switzerland........................................ 67,379 133,546 111,825 133,005 125,689 109,042 106,670 111,907

Turkey ............................................... 7,486 12,132 13,746 8,235 8,911 10,125 9,698 8,760

United Kingdom................................. 222,032 203,237 344,189 397,677 400,785 406,824 427,007 411,033

Channel Islands and Isle of Man 4 .... 36,307 47,820 20,812 20,686 23,138 21,930 22,067 22,335

Other Europe..................................... 19,397 25,108 17,316 21,286 23,426 22,640 23,412 25,421

Total Europe.................................. 556,618 686,658 808,042 917,933 904,526 907,541 928,071 942,667

Canada.................................................. 31,529 32,221 38,383 35,926 35,757 37,576 34,207 37,050

Latin America: 

Argentina........................................... 10,786 10,938 9,877 9,903 10,027 10,341 10,737 11,226

Brazil ................................................. 15,219 11,332 17,838 21,252 19,609 21,824 24,816 19,887

Chile .................................................. 4,993 6,194 4,471 5,079 5,722 5,592 5,505 5,424

Colombia ........................................... 4,716 4,174 4,256 4,075 4,121 4,206 4,112 4,462

Ecuador............................................. 2,396 2,307 2,609 2,443 2,424 2,456 2,555 2,470

Guatemala......................................... 1,900 1,396 1,547 1,531 1,574 1,588 1,582 1,550

Mexico............................................... 40,548 37,374 36,490 35,255 37,821 33,844 33,663 34,851

Panama............................................. 3,646 3,903 4,111 4,041 3,666 3,870 3,749 3,608

Peru................................................... 1,368 1,366 1,399 1,311 1,342 1,461 1,446 1,579

Uruguay............................................. 3,222 2,822 3,685 3,586 3,678 3,610 3,816 3,990

Venezuela ......................................... 25,311 22,540 21,531 23,529 24,009 24,220 24,308 24,795

Other Latin America 5........................ 6,311 6,415 5,986 5,995 6,288 6,567 5,949 6,087

Total Latin America ....................... 120,416 110,761 113,800 118,000 120,281 119,579 122,238 119,929

Caribbean: 

Bahamas ........................................... 179,382 164,133 157,642 155,462 153,260 159,156 152,847 159,334

Bermuda............................................ 10,611 25,281 39,105 49,534 51,151 58,949 52,877 43,627

British West Indies 6 .......................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 .............................. 445,040 639,443 744,101 787,091 789,423 827,684 813,431 815,619

Cuba.................................................. 88 91 96 95 95 97 96 51

Jamaica............................................. 1,222 840 720 835 943 1,029 908 832

Netherlands Antilles .......................... 3,273 5,011 8,937 4,482 3,986 6,766 5,040 5,067

Trinidad and Tobago......................... 1,281 1,420 1,258 1,588 1,643 1,430 1,560 1,665

Other Caribbean 5 ............................. 12,208 11,757 27,578 32,930 30,782 29,982 32,164 31,414

Total Caribbean............................. 653,105 847,976 979,437 1,032,017 1,031,283 1,085,093 1,058,923 1,057,609

See footnotes at end of table. 
CAPITAL MOVEMENTS 65

TABLE CM-I-2.—Total Liabilities by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2004 

Country 2001 2002 2003 r Feb. r Mar. Apr. May June p 

 

Asia: 

China: 

Mainland..................................... 10,498 15,483 13,176 17,391 21,961 18,522 16,350 22,865

Taiwan........................................ 17,657 18,708 26,296 22,494 29,832 26,875 27,305 22,510

Hong Kong ..................................... 26,706 33,365 49,729 52,460 50,831 50,601 44,347 47,207

India................................................ 3,676 7,968 14,522 11,415 11,339 10,534 10,369 10,636

Indonesia........................................ 12,424 14,123 14,375 13,859 14,377 11,602 12,018 11,102

Israel............................................... 7,908 7,505 12,207 14,961 16,890 16,076 15,597 15,536

Japan.............................................. 173,640 176,331 168,469 174,591 178,364 174,624 174,028 173,037

Korea.............................................. 9,035 8,978 12,625 14,071 10,078 10,507 10,905 12,749

Lebanon ......................................... 563 651 673 661 734 778 745 758

Malaysia ......................................... 1,299 1,221 1,649 1,611 2,272 2,276 1,995 2,274

Pakistan.......................................... 1,971 2,093 2,959 2,204 1,972 3,295 3,514 2,080

Philippines...................................... 1,777 1,813 1,603 1,589 1,910 1,970 1,880 1,725

Singapore....................................... 16,872 17,676 23,627 20,965 26,147 24,386 23,524 20,783

Syria ............................................... 67 35 21 21 24 27 19 17

Thailand.......................................... 4,757 7,607 7,198 10,748 7,608 6,537 6,650 6,946

Oil-exporting countries 7................. 19,334 18,893 24,557 22,885 25,363 25,854 25,048 20,072

Other Asia ...................................... 5,785 6,819 7,653 7,516 7,456 6,697 6,261 6,458

Total Asia ................................... 313,969 339,269 381,339 389,442 407,158 391,161 380,555 376,755

Africa: 

Congo (formerly Zaire)................... 4 2 18 6 5 40 10 44

Egypt .............................................. 2,783 2,655 2,336 3,262 3,226 3,057 2,988 2,995

Ghana............................................. 133 312 595 510 449 443 453 423

Liberia............................................. 229 141 177 143 134 199 129 125

Morocco.......................................... 274 306 376 311 165 128 100 126

South Africa.................................... 715 1,118 3,727 3,545 3,894 3,795 4,203 4,123

Oil-exporting countries 8................. 4,461 4,466 3,613 5,185 4,722 5,134 5,488 5,124

Other Africa .................................... 2,734 3,361 3,099 2,707 2,533 2,809 2,949 2,759

Total Africa ................................. 11,333 12,361 13,941 15,669 15,128 15,605 16,320 15,719

Other countries: 

Australia ......................................... 5,072 12,055 14,042 12,995 12,124 14,082 17,303 13,722

New Zealand 9................................ 318 1,918 2,584 2,729 2,951 2,201 1,921 1,834

All other .......................................... 413 263 746 819 1,116 817 858 794

Total other countries .................. 5,803 14,236 17,372 16,543 16,191 17,100 20,082 16,350

Total foreign countries ........... 1,692,773 2,043,482 2,352,314 2,525,530 2,530,324 2,573,655 2,560,396 2,566,079

International and regional 

organizations: 

International ................................... 15,508 20,464 18,437 19,522 18,299 17,813 18,152 18,101

European regional.......................... 689 1,511 449 414 465 460 416 390

Latin American regional ................. 480 507 502 597 502 812 569 455

Caribbean regional 10 ..................... 84 67 63 69 108 98 82 52

Asian regional ................................ 213 85 2,221 151 174 191 156 302

African regional .............................. 33 15 496 796 824 737 819 1,008

Middle Eastern regional ................. - - - - - - - -

Total international 

and regional ........................... 17,007 22,649 22,168 21,549 20,372 20,111 20,194 20,308

Grand total ............................. 1,709,780 2,066,131 2,374,482 2,547,079 2,550,696 2,593,766 2,580,590 2,586,387

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other.” 

10 Before January 2001, included in “Latin American regional.” 
66 CAPITAL MOVEMENTS 

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2004, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 

Payable 

 in 

 dollars 

 (2) 

 Payable 

 in 

 foreign 

 curren- 

 cies 1

 (3) 

Own 

 liabilities

 (4) 

 Custody 

 liabilities 

 (5) 

Nonnegotiable 

deposits 

and 

brokerage 

balances 2

 (6) 

 Short- 

 term 

 U.S. 

 Treasury 

obligations 3

(7) 

 Other 

 liabilities 

 (8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(9) 

Shortterm 

U.S. 

Treasury

obligations 3 

(10) 

 Other 

 liabilities

 (11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable 

CDs 

held for 

all foreigners 

(13) 

Europe: 

Austria..................................... 4,732 4,373 359 1,408 2,965 227 240 3,640 193 42 31 5 2,330

Belgium 4 ................................. 14,396 13,856 540 11,503 2,353 2,947 728 5,986 346 148 3,701 2,140 1,133

Bulgaria................................... 203 203 - 112 91 35 25 134 9 - - - -

Czech Republic....................... 2,246 2,218 28 260 1,958 151 910 1,105 51 - 1 2 1

Denmark.................................. 2,002 1,942 60 1,541 401 91 208 1,490 135 16 2 63 177

Finland .................................... 2,144 2,131 13 1,425 706 1,311 100 483 41 12 184 1,031 411

France..................................... 47,911 46,397 1,514 31,309 15,088 9,949 8,616 14,297 1,349 88 12,098 13,314 816

Germany ................................. 59,154 53,613 5,541 47,438 6,175 14,113 1,879 28,758 2,124 768 5,971 25,989 2,009

Greece .................................... 1,818 1,751 67 1,563 188 744 90 206 616 8 87 391 55

Hungary................................... 295 280 15 125 155 28 78 66 31 77 - 2 -

Ireland ..................................... 41,372 41,340 32 11,006 30,334 1,242 394 1,522 1,300 2,705 34,177 312 6,838

Italy.......................................... 10,486 10,315 171 6,998 3,317 3,793 1,942 3,827 624 12 117 2,036 999

Luxembourg 4.......................... 39,151 38,934 217 22,989 15,945 7,596 3,549 7,517 376 475 19,421 18,856 1,047

Netherlands............................. 19,034 17,090 1,944 12,780 4,310 1,735 533 5,860 2,228 210 6,524 4,572 869

Norway.................................... 44,296 44,294 2 43,176 1,118 322 30 39,137 67 2 4,736 127 266

Poland..................................... 4,682 4,662 20 1,153 3,509 115 1,975 2,509 48 - 15 28 -

Portugal................................... 1,513 1,310 203 1,237 73 815 - 216 205 2 72 84 -

Romania.................................. 841 835 6 401 434 59 178 577 17 4 - 45 -

Russia 5 ................................... 49,811 49,791 20 9,994 39,797 1,940 800 46,627 417 2 5 57 3

Serbia and Montenegro 

 (formerly Yugoslavia) 6......... 104 104 - 104 - 27 - 58 15 - 4 - -

Spain....................................... 9,242 8,768 474 6,225 2,543 2,552 1,892 3,158 975 32 159 1,198 487

Sweden ................................... 7,778 7,760 18 5,745 2,015 347 79 4,875 172 203 2,084 149 1,668

Switzerland.............................. 111,907 110,249 1,658 100,862 9,387 96,482 4,962 4,733 991 2,172 909 97,746 816

Turkey ..................................... 8,760 8,759 1 2,021 6,738 681 6,609 488 85 4 892 53 33

United Kingdom....................... 411,033 396,120 14,913 382,770 13,350 112,197 2,185 130,704 8,335 3,081 139,618 274,656 1,810

Channel Islands and Isle 

 of Man 7 ................................. 22,335 22,320 15 21,599 721 21,006 111 237 117 494 355 20,821 24

Other Europe ............................. 25,421 25,340 81 12,951 12,389 5,541 9,555 8,650 918 167 509 102 18

Total Europe.......................... 942,667 914,755 27,912 738,695 176,060 286,046 47,668 316,860 21,785 10,724 231,672 463,779 21,810

Canada........................................... 37,050 34,375 2,675 21,852 12,523 5,357 5,437 12,949 2,752 1,074 6,806 9,964 594

Latin America: Argentina.................................... 11,226 11,092 134 8,980 2,112 400 844 1,482 7,816 275 275 354 199

Brazil .......................................... 19,887 17,965 1,922 16,990 975 8,982 446 2,961 4,712 145 719 1,588 125

Chile ........................................... 5,424 5,363 61 4,121 1,242 665 30 1,593 2,723 117 235 402 159

Colombia.................................... 4,462 4,418 44 3,803 615 627 14 854 2,770 68 85 23 178

Ecuador...................................... 2,470 2,421 49 2,263 158 408 20 318 1,588 2 85 163 28

Guatemala ................................. 1,550 1,530 20 1,369 161 214 102 234 925 10 45 12 25

Mexico........................................ 34,851 33,379 1,472 20,932 12,447 3,698 5,441 8,631 13,524 669 1,416 2,002 431

Panama...................................... 3,608 3,592 16 3,026 566 893 24 382 1,780 164 349 752 104

Peru............................................ 1,579 1,569 10 1,479 90 342 3 150 997 30 47 57 37

Uruguay ..................................... 3,990 3,976 14 3,278 698 461 426 1,391 1,415 151 132 1,201 91

Venezuela.................................. 24,795 24,491 304 17,497 6,994 5,435 4,802 1,415 11,430 69 1,340 233 157

Other Latin America .................. 6,087 6,017 70 5,307 710 2,073 83 967 2,747 55 92 89 383

Total Latin America............... 119,929 115,813 4,116 89,045 26,768 24,198 12,235 20,378 52,427 1,755 4,820 6,876 1,917

Caribbean: Bahamas.................................... 159,334 155,178 4,156 152,550 2,628 112,798 224 27,158 5,299 517 9,182 119,291 262

Bermuda .................................... 43,627 43,167 460 27,533 15,634 1,003 211 3,727 4,082 1,519 32,625 3,488 589

Cayman Islands 8 ...................... 815,619 808,317 7,302 593,257 215,060 259,309 178 400,013 11,714 5,719 131,384 487,295 3,363

Cuba........................................... 51 51 - 51 - 12 - 4 27 - 8 - -

Jamaica...................................... 832 726 106 709 17 344 - 164 197 13 8 37 2

Netherlands Antilles .................. 5,067 5,026 41 4,906 120 922 4 770 628 23 2,679 148 11

Trinidad and Tobago................. 1,665 1,660 5 1,559 101 946 - 343 312 17 42 239 46

Other Caribbean........................ 31,414 31,320 94 20,522 10,798 3,414 261 2,451 7,012 2,234 15,948 304 3,152

Total Caribbean .................. 1,057,609 1,045,445 12,164 801,087 244,358 378,748 878 434,630 29,271 10,042 191,876 610,802 7,425

See footnotes at end of table. 
CAPITAL MOVEMENTS 67

TABLE CM-I-3.—Total Liabilities by Type and Country, June 30, 2004, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Liabilities payable in dollars 

Total liabilities 

To foreign official institutions 

and foreign banks To all other foreigners Memoranda 

Totals 

Country 

 Total 

 (1) 

 Payable 

 in 

 dollars 

 (2) 

Payable 

 in 

foreign 

currencies 1

(3) 

Own 

liabilities 

(4) 

Custody 

liabilities 

(5) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

(6) 

Shortterm 

U.S. 

Treasury 

obligations 3

(7) 

Other 

liabilities 

(8) 

Nonnegotiable

deposits 

and 

brokerage

balances 2

 (9) 

Shortterm 

U.S. 

Treasury 

obligations 3 

(10) 

Other 

liabilities 

(11) 

Liabilities 

to own 

foreign 

offices 

(12) 

Negotiable 

CDs 

held for 

all foreigners 

(13) 

Asia: 

China: 

Mainland ...................... 22,865 22,865 - 15,323 7,542 3,741 4,957 12,636 680 160 691 3,464 47

Taiwan ......................... 22,510 22,297 213 19,906 2,391 3,880 1,672 12,520 3,685 96 444 1,735 218

Hong Kong....................... 47,207 46,929 278 23,168 23,761 18,408 17,393 6,700 2,386 751 1,291 18,104 123

India.................................. 10,636 10,635 1 1,825 8,810 674 6,011 2,487 520 3 940 384 8

Indonesia ......................... 11,102 11,102 - 1,795 9,307 949 3,947 5,655 544 1 6 325 8

Israel................................. 15,536 15,527 9 3,835 11,692 580 9,909 2,107 1,585 562 784 951 390

Japan ............................... 173,037 167,011 6,026 47,982 119,029 18,699 113,355 28,724 3,479 239 2,515 33,890 524

Korea................................ 12,749 12,736 13 4,729 8,007 1,882 1,397 8,899 326 - 232 1,616 253

Lebanon........................... 758 750 8 731 19 212 - 350 94 2 92 10 10

Malaysia........................... 2,274 2,240 34 1,856 384 677 342 1,139 67 2 13 176 1

Pakistan ........................... 2,080 2,079 1 527 1,552 345 1,420 168 83 1 62 245 29

Philippines........................ 1,725 1,719 6 1,402 317 503 92 466 464 69 125 112 24

Singapore......................... 20,783 18,884 1,899 12,609 6,275 7,923 3,028 4,871 517 885 1,660 9,619 138

Syria ................................. 17 17 - 16 1 - - - 16 - 1 - 1

Thailand ........................... 6,946 6,940 6 1,015 5,925 460 5,822 354 228 16 60 162 2

Other Asia........................ 26,530 25,351 1,179 13,256 12,095 8,076 8,786 4,820 801 645 2,223 5,645 1,335

Total Asia..................... 376,755 367,082 9,673 149,975 217,107 67,009 178,131 91,896 15,475 3,432 11,139 76,438 3,111

Africa: Congo (formerly Zaire).... 44 44 - 44 - 42 - - 2 - - 41 -

Egypt ................................ 2,995 2,994 1 1,308 1,686 543 1,456 713 273 - 9 138 34

Ghana .............................. 423 423 - 244 179 80 179 146 17 - 1 - -

Liberia............................... 125 125 - 80 45 3 - 2 68 15 37 2 3

Morocco ........................... 126 126 - 122 4 38 - 46 41 1 - 2 - 

South Africa ..................... 4,123 4,117 6 4,113 4 1,124 - 2,825 163 1 4 3,521 2

Other Africa...................... 7,883 7,859 24 4,581 3,278 2,383 3,011 1,812 488 13 152 256 33

Total Africa .................. 15,719 15,688 31 10,492 5,196 4,213 4,646 5,544 1,052 30 203 3,960 72

Other countries: Australia ........................... 13,722 13,697 25 7,128 6,569 1,603 129 10,784 383 235 563 1,294 2,706

New Zealand ................... 1,834 1,707 127 1,228 479 111 15 1,016 163 42 360 - 7

All other............................ 794 422 372 365 57 69 10 145 176 7 15 29 3

Total other countries ... 16,350 15,826 524 8,721 7,105 1,783 154 11,945 722 284 938 1,323 2,716

Total foreign 

countries.............. 2,566,079 2,508,984 57,095 1,819,867 689,117 767,354 249,149 894,202 123,484 27,341 447,454 1,173,142 37,645

International and 

regional orgs.: 

International..................... 18,101 11,908 6,193 10,660 1,248 - - - 6,532 649 4,727 - 137

European regional........... 390 390 - 366 24 - - - 363 24 3 - -

Latin American regional.... 455 441 14 391 50 - - - 275 - 166 - 50

Caribbean regional.......... 52 52 - 40 12 - - - 12 12 28 - -

Asian regional.................. 302 302 - 159 143 - - - 6 - 296 - -

African regional................ 1,008 1,008 - 50 958 - - - 1 57 950 - 15

Middle Eastern regional.... - - - - - - - - - - - - -

Total international 

and regional ............ 20,308 14,101 6,207 11,666 2,435 - - - 7,189 742 6,170 - 202

Grand total............... 2,586,387 2,523,085 63,302 1,831,533 691,552 767,354 249,149 894,202 130,673 28,083 453,624 1,173,142 37,847

 

 1

 These data as of March 31, 2004. 

2

 Excludes negotiable time certificates of deposit, which are included in “Other Liabilities.” 3

 U.S. Treasury bills and certificates held in custody for the account of oil-exporting 

countries in “Other Asia” and “Other Africa” amount to $1,972 million. 4

 Before January 2001, combined data reported for Belgium-Luxembourg. 

5

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

6

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

7 Before January 2001, data included in United Kingdom. 

8

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
68 CAPITAL MOVEMENTS 

CHART CM-A.—U.S. Liabilities to Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries 

0

100

200

300

400

500

600

700

800

900

1000

1100

2000 2001 2002 2003 June 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 2003 June 2004 

 

United Kingdom............................. 187,145 222,032 203,237 344,189 411,033 

All other Europe ............................ 294,716 334,586 483,421 463,853 531,634 

Caribbean banking centers 1,2....... 593,499 641,952 837,771 953,896 1,027,255 

Japan............................................. 162,449 173,640 176,331 168,469 173,037 

All other Asia ................................. 158,524 140,329 162,938 212,870 203,718 

Subtotal ....................................... 1,396,333 1,512,539 1,863,698 2,143,277 2,346,677 

All other countries ......................... 192,856 197,241 202,433 231,205 239,710 

Grand total................................... 1,589,189 1,709,780 2,066,131 2,374,482 2,586,387 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

U.S. banking liabilities to 

foreigners, excluding long-term 

securities, were recorded at 

about $2.6 trillion in June 2004, 

an increase of about $212 

billion from yearend 2003. U.S. 

banking liabilities increased 

about $308 billion in 2003. 

Much of the increase in 

liabilities to foreigners in 2003 

reflects changes to the reporting 

scope of the TIC reporting 

system effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking liabilities increased 

about $127 billion. 

U.S. banking liabilities are 

concentrated in international 

financial centers. The data on 

this page show that more than 

half of U.S. banking liabilities 

currently is recorded against the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers have recorded 

most of the growth in banking 

liabilities in recent years, and 

also recorded most of the 

reported increase in liabilities in 

2003. Foreigners domiciled in 

the rest of Europe and in Asia 

account for about 35 percent of 

U.S. banking liabilities. 
 CAPITAL MOVEMENTS 69

SECTION II.—Claims on Foreigners Reported by Banks in the United States 

Table CM-II-1.—Total Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2003 2004 

Type of Claim 

 Calendar 

 Year 

 2002 Mar. r June r Sept. r Dec. Mar. p 

Total claims.............................................................. 1,516,742 1,699,614 1,776,005 1,749,641 1,714,617 1,886,273 

Payable in dollars.................................................. 1,409,095 1,595,568 1,666,028 1,648,950 1,610,201 1,783,635 

Own claims on foreigners................................... 1,185,445 1,318,302 1,369,061 1,360,021 1,320,446 1,503,359 

Foreign official institutions............................... n.a. 47,758 44,591 50,795 52,269 67,324 

Foreign public borrowers................................. 48,765 n.a. n.a. n.a. n.a. n.a. 

Foreign banks, including own foreign 

offices........................................................... 970,357 1,006,287 1,042,205 1,025,050 981,916 1,118,258 

All other foreigners .......................................... 166,323 264,257 282,265 284,176 286,261 317,777 

Claims of domestic customers.............................. 223,650 277,266 296,967 288,929 289,755 280,276 

Payable in foreign currencies .................................. 107,647 104,046 109,977 100,691 104,416 102,638 

Own claims on foreigners ..................................... 71,724 77,520 84,798 77,097 77,883 78,751 

of which: 

Canadian dollars.............................................. 7,614 5,415 10,114 9,472 12,652 10,857 

Euros................................................................ 40,858 42,991 42,355 41,125 37,032 37,726 

United Kingdom pounds sterling...................... 6,809 10,690 11,841 5,900 6,831 8,123 

Japanese yen................................................... 9,008 12,179 13,508 15,053 16,550 17,341 

Claims of domestic customers.............................. 35,923 26,526 25,179 23,594 26,533 23,887 

of which: 

Canadian dollars.............................................. 9,032 1,499 2,388 1,946 2,935 2,020 

Euros................................................................ 12,019 16,670 14,422 9,994 11,620 11,163 

United Kingdom pounds sterling...................... 2,863 3,017 1,951 3,089 3,160 1,968 

Japanese yen................................................... 7,362 814 3,406 3,540 3,487 3,429 

Memoranda: 

Total own claims on foreigners ............................. 1,257,169 1,395,822 1,453,859 1,437,118 1,398,329 1,582,110 

Non-negotiable deposits .................................... n.a. 528,288 546,152 541,359 536,556 589,136 

Short-term negotiable instruments 

 (payable in dollars)........................................... n.a. 11,767 11,388 5,860 5,704 8,974 

Resale agreements ............................................ 161,585 287,043 310,317 343,778 344,753 415,593 

Other................................................................... n.a. 568,724 586,002 546,121 511,316 568,407 

Claims on own foreign offices............................... 892,340 947,298 978,647 966,964 933,816 1,039,913 

Claims reported by IBFs ....................................... 344,333 329,376 346,821 336,752 321,469 369,112 

Payable in dollars............................................... 313,450 300,903 319,216 312,776 293,898 339,341 

Payable in foreign currencies............................. 30,883 28,473 27,605 23,976 27,571 29,771 

Total claims held for domestic customers ............ 171,397 303,792 322,146 312,523 316,288 304,163 

Non-negotiable deposits .................................... n.a. 139,649 155,352 140,573 143,877 137,181 

Short-term negotiable instruments 

 (payable in dollars)........................................... 137,289 125,393 131,762 139,686 138,505 135,795 

Other ..................................................................... 34,108 38,750 35,032 32,264 33,906 31,187 

 

 
70 CAPITAL MOVEMENTS 

TABLE CM-II-2.—Total Claims by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2002 2003 2004 

Country 

Calendar 

year 

2001 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

 

Europe: 

Austria .................................................... 7,652 4,951 3,972 4,880 4,543 5,937 4,905 5,234

Belgium 1 ................................................ 7,583 6,406 8,255 11,115 9,545 10,661 10,490 13,616

Bulgaria .................................................. 2 14 10 244 11 110 59 13

Czech Republic ...................................... 600 188 149 441 157 151 235 110

Denmark................................................. 3,461 4,589 2,228 3,405 5,148 5,549 5,374 3,231

Finland.................................................... 10,877 16,514 9,020 10,487 9,529 7,256 8,511 9,275

France .................................................... 86,420 83,623 76,743 79,278 88,248 85,535 89,745 99,383

Germany................................................. 57,462 50,625 43,348 46,765 41,918 44,584 39,834 42,926

Greece.................................................... 554 590 653 483 342 250 245 215

Hungary.................................................. 25 51 211 148 128 156 78 152

Ireland..................................................... 9,122 3,861 4,990 7,344 7,298 13,680 13,419 15,792

Italy ......................................................... 8,065 7,570 7,750 8,506 8,847 8,983 10,311 11,636

Luxembourg 1 ......................................... 3,852 3,625 4,506 3,874 7,795 5,957 7,253 7,421

Netherlands ............................................ 22,908 27,397 32,757 32,057 31,289 29,854 30,170 32,834

Norway ................................................... 7,033 12,966 14,980 12,636 17,966 13,563 18,835 21,986

Poland .................................................... 535 177 179 421 677 1,166 58 1,127

Portugal .................................................. 2,159 2,372 2,641 2,504 2,944 3,102 2,934 3,016

Romania ................................................. 99 92 107 131 160 138 192 187

Russia 2 .................................................. 651 818 896 1,126 831 1,013 1,259 1,050

Serbia and Montenegro (formerly 

Yugoslavia) 3........................................ - - 9 - - 3 - 24

Spain ...................................................... 4,767 6,574 8,696 5,559 6,495 6,576 4,490 4,814

Sweden................................................... 20,660 20,062 22,789 23,054 22,619 24,493 21,771 24,076

Switzerland............................................. 97,696 115,954 138,173 113,920 112,985 101,727 86,097 111,568

Turkey..................................................... 3,370 3,872 3,305 3,554 3,384 3,401 2,612 3,708

United Kingdom...................................... 300,665 300,092 293,642 351,764 377,553 388,889 377,547 424,097

Channel Islands and Isle of Man 4 ......... 4,513 6,361 17,775 35,402 49,276 48,624 44,383 50,491

Other Europe.......................................... 2,894 1,786 1,997 2,237 2,547 2,524 3,424 4,711

Total Europe ........................................ 663,625 681,130 699,781 761,335 812,235 813,882 784,231 892,693

Canada...................................................... 77,121 87,653 94,126 82,891 79,221 83,285 83,337 85,598

Latin America: 

Argentina ................................................ 11,587 8,025 7,053 6,479 6,319 5,502 4,248 3,829

Brazil....................................................... 20,846 18,451 16,070 16,710 17,375 17,602 16,632 18,477

Chile ....................................................... 5,465 5,194 5,322 5,393 5,380 5,933 6,192 6,054

Colombia ................................................ 3,653 3,098 2,633 2,744 2,530 2,554 2,124 2,172

Ecuador.................................................. 507 478 469 508 502 427 419 424

Guatemala.............................................. 1,536 969 925 1,008 812 826 827 856

Mexico .................................................... 16,920 16,660 16,249 15,703 15,377 14,287 14,263 13,700

Panama .................................................. 3,441 2,151 2,070 2,009 2,104 1,926 1,947 1,876

Peru ........................................................ 2,201 1,613 1,424 1,419 1,562 1,408 1,388 1,373

Uruguay.................................................. 459 369 276 334 344 437 476 409

Venezuela .............................................. 3,209 3,480 3,404 3,455 3,436 3,240 3,112 3,033

Other Latin America 5 ............................. 3,404 2,893 2,780 2,983 2,525 2,583 2,452 2,470

Total Latin America.............................. 73,228 63,381 58,675 58,745 58,266 56,725 54,080 54,673

Caribbean: 

Bahamas ................................................ 103,541 93,025 96,358 118,511 126,146 115,055 102,136 100,807

Bermuda................................................. 8,470 13,332 10,620 24,440 22,770 14,236 16,161 21,804

Cayman Islands 6 ................................... 300,422 345,310 417,363 491,621 514,270 496,085 495,254 543,972

Netherlands Antilles ............................... 6,741 6,228 6,783 6,930 7,363 7,289 6,796 5,431

Trinidad and Tobago .............................. 940 930 889 884 862 789 701 829

Other Caribbean 5 .................................. 3,791 3,456 3,453 3,559 4,519 3,691 5,117 6,055

Total Caribbean................................... 424,323 462,744 535,787 646,422 676,354 637,547 626,542 679,286

See footnotes at end of table. 
 CAPITAL MOVEMENTS 71

TABLE CM-II-2.—Total Claims by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

2002 2003 2004 

Country 

 Calendar 

 year 

 2001 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p 

 

Asia: 

China: 

Mainland....................................... 2,138 7,307 1,110 11,098 7,282 9,650 4,259 10,428

Taiwan ....................................... 4,599 8,830 3,939 8,429 5,631 7,601 9,962 9,487

Hong Kong ................................... 10,405 8,886 7,777 5,799 7,586 7,809 7,909 9,326

India.............................................. 1,477 1,340 1,314 1,190 1,529 1,786 1,776 2,076

Indonesia...................................... 1,795 1,476 1,795 1,247 1,158 1,638 1,056 804

Israel............................................. 6,984 7,517 6,979 5,602 6,998 5,389 7,362 5,700

Japan............................................ 40,047 51,772 59,792 66,136 72,660 72,741 76,671 70,482

Korea............................................ 10,786 17,495 11,209 13,201 7,138 7,292 11,504 19,896

Lebanon........................................ 45 46 48 38 75 78 72 72

Malaysia ....................................... 731 844 921 1,226 1,318 1,386 1,133 1,206

Pakistan........................................ 129 669 77 364 728 1,006 74 54

Philippines .................................... 2,598 2,188 2,180 2,699 1,601 1,455 2,301 1,817

Singapore ..................................... 3,513 3,699 4,425 4,146 4,321 6,836 8,326 9,037

Syria ............................................. 3 2 2 2 2 2 2 2

Thailand........................................ 2,544 1,879 1,443 1,661 1,556 2,122 1,295 1,170

Oil-exporting countries 7 ............... 9,222 11,532 10,487 9,878 8,476 7,962 8,849 6,605

Other Asia .................................... 357 726 246 212 206 131 195 134

Total Asia................................... 97,373 126,208 113,744 132,928 128,265 134,884 142,746 148,296

Africa: 

Congo (formerly Zaire) ................. - - - - - - - -

Egypt ............................................ 430 346 500 569 429 362 248 225

Ghana........................................... 25 9 12 13 17 16 17 11

Liberia........................................... 377 350 308 346 289 413 365 262

Morocco........................................ 123 75 71 66 60 52 66 50

South Africa.................................. 820 659 653 611 3,463 3,588 3,596 3,711

Oil-exporting countries 8 ............... 175 311 238 266 230 223 158 218

Other Africa .................................. 311 332 295 368 312 291 277 216

Total Africa ................................ 2,261 2,082 2,077 2,239 4,800 4,945 4,727 4,693

Other countries: 

Australia........................................ 8,057 8,507 7,793 7,673 9,995 10,462 12,149 12,917

New Zealand ................................ 477 1,018 881 2,356 1,252 1,263 1,528 1,683

All other ........................................ 75 33 69 118 97 82 41 61

Total other countries.................. 8,609 9,558 8,743 10,147 11,344 11,807 13,718 14,661

Total foreign countries ............ 1,346,540 1,432,756 1,512,933 1,694,707 1,770,485 1,743,075 1,709,381 1,879,900

International and regional orgs: 

International.................................. 4,322 2,160 3,291 4,235 4,303 5,456 3,981 5,248

European regional........................ 21 23 8 1 11 1 88 193

Latin American regional ............... 237 229 179 189 153 248 266 217

Caribbean regional....................... - - - - - - - -

Asian regional............................... 479 385 331 482 1,053 861 898 712

African regional ............................ - - - - - - - -

Middle Eastern regional ............... - - - - - - 3 3

Total international 

 and regional............................ 5,059 2,797 3,809 4,907 5,520 6,566 5,236 6,373

Grand total .............................. 1,351,599 1,435,553 1,516,742 1,699,614 1,776,005 1,749,641 1,714,617 1,886,273

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 
72 CAPITAL MOVEMENTS 

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2004 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

Total 

claims 

(1) 

 

Total 

(2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

(3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

 (6) 

Total 

(7) 

 Payable in 

 dollars 

 (8) 

 Payable in 

 foreign 

 currencies 

 (9) 

Europe: 

Austria ............................................... 5,234 5,032 1,507 3,410 121 115 202 201 1

Belgium 1 ........................................... 13,616 10,530 8,554 1,740 809 236 3,086 2,672 414

Bulgaria ............................................. 13 11 10 1 - - 2 2 -

Czech Republic ................................. 110 110 59 38 45 13 - - -

Denmark............................................ 3,231 1,480 1,058 259 241 163 1,751 1,561 190

Finland............................................... 9,275 8,884 8,729 100 8,565 55 391 103 288

France ............................................... 99,383 88,357 49,013 23,333 45,066 16,011 11,026 7,351 3,675

Germany............................................ 42,926 31,754 19,715 9,655 8,878 2,384 11,172 9,282 1,890

Greece............................................... 215 212 58 150 28 4 3 3 -

Hungary............................................. 152 141 125 5 62 11 11 - 11

Ireland................................................ 15,792 13,598 1,586 11,259 512 753 2,194 1,895 299

Italy .................................................... 11,636 9,736 8,235 67 6,323 1,434 1,900 1,607 293

Luxembourg 1 .................................... 7,421 5,821 4,907 861 2,542 53 1,600 954 646

Netherlands ....................................... 32,834 25,174 13,370 10,025 12,401 1,779 7,660 7,215 445

Norway .............................................. 21,986 20,182 19,385 750 251 47 1,804 1,782 22

Poland ............................................... 1,127 1,120 1,099 8 15 13 7 4 3

Portugal ............................................. 3,016 2,737 1,783 537 660 417 279 19 260

Romania ............................................ 187 187 38 137 - 12 - - -

Russia 2 ............................................. 1,050 1,043 574 466 - 3 7 7 -

Serbia and Montenegro (formerly 

 Yugoslavia) 3 ................................... 24 24 - - - 24 - - -

Spain ................................................. 4,814 2,999 2,265 59 986 675 1,815 1,812 3

Sweden.............................................. 24,076 18,252 12,331 5,696 9,830 225 5,824 5,738 86

Switzerland........................................ 111,568 104,992 100,851 2,180 94,295 1,961 6,576 6,566 10

Turkey................................................ 3,708 3,252 1,772 1,457 47 23 456 407 49

United Kingdom................................. 424,097 335,837 245,169 74,341 250,713 16,327 88,260 84,601 3,659

Channel Islands and Isle of Man 4.......... 50,491 49,659 44,816 4,800 44,775 43 832 806 26

Other Europe..................................... 4,711 3,155 2,652 299 - 204 1,556 39 1,517

Total Europe ................................... 892,693 744,279 549,661 151,633 487,165 42,985 148,414 134,627 13,787

Canada................................................. 85,598 66,330 50,030 6,032 43,657 10,268 19,268 17,082 2,186

Latin America: 

Argentina ........................................... 3,829 3,346 580 2,752 418 14 483 229 254

Brazil.................................................. 18,477 18,214 10,756 6,951 4,354 507 263 254 9

Chile .................................................. 6,054 5,980 2,428 3,534 280 18 74 72 2

Colombia ........................................... 2,172 2,155 1,094 1,049 128 12 17 15 2

Ecuador............................................. 424 406 90 316 8 - 18 18 -

Guatemala......................................... 856 826 261 547 70 18 30 30 -

Mexico ............................................... 13,700 12,906 1,822 10,894 323 190 794 527 267

Panama ............................................. 1,876 1,830 930 865 127 35 46 46 -

Peru ................................................... 1,373 1,360 476 881 284 3 13 13 -

Uruguay............................................. 409 408 181 218 99 9 1 1 -

Venezuela ......................................... 3,033 2,982 608 2,210 1 164 51 51 -

Other Latin America 5 ........................ 2,470 2,417 1,317 1,090 128 10 53 53 -

Total Latin America......................... 54,673 52,830 20,543 31,307 6,220 980 1,843 1,309 534

Caribbean: -

Bahamas ........................................... 100,807 79,951 73,044 4,960 71,617 1,947 20,856 20,856 -

Bermuda............................................ 21,804 20,548 328 19,776 805 444 1,256 1,256 -

Cayman Islands 6 .............................. 543,972 448,941 377,704 64,538 365,580 6,699 95,031 94,807 224

Cuba.................................................. - - - - - - - - -

Jamaica ............................................. 388 388 74 314 33 - - - -

Netherlands Antilles .......................... 5,431 5,302 975 4,293 847 34 129 126 3

Trinidad and Tobago ......................... 829 795 320 470 101 5 34 34 -

Other Caribbean 5 ............................. 6,055 6,038 339 5,512 132 187 17 17 -

Total Caribbean.............................. 679,286 561,963 452,784 99,863 439,115 9,316 117,323 117,096 227

 

See footnotes at end of table. 
 CAPITAL MOVEMENTS 73

TABLE CM-II-3.—Total Claims on Foreigners by Type and Country, March 31, 2004, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Respondents’ own claims 

Memorandum Claims of domestic customers 

Country 

 Total 

 claims 

 (1) 

 Total 

 (2) 

Claims on 

foreign 

official 

institutions 

and 

foreign banks 

 (3) 

Claims on 

all other 

foreigners 

(4) 

Claims on 

own 

foreign offices 

(5) 

Payable in 

foreign 

currencies 

(6) 

 Total 

 (7) 

 Payable in

 dollars 

 (8) 

Payable in 

foreign 

currencies 

(9) 

Asia: 

China: 

Mainland ......................................... 10,428 9,665 8,629 985 1,926 51 763 763 - 

Taiwan ............................................ 9,487 9,342 8,476 673 301 193 145 24 121 

Hong Kong ........................................ 9,326 8,919 3,244 5,589 2,713 86 407 265 142 

India................................................... 2,076 1,920 1,339 559 450 22 156 149 7 

Indonesia........................................... 804 798 263 508 26 27 6 4 2 

Israel.................................................. 5,700 5,392 5,161 207 1,534 24 308 306 2 

Japan................................................. 70,482 64,919 46,079 7,881 39,882 10,959 5,563 2,107 3,456 

Korea................................................. 19,896 19,849 18,968 862 3,714 19 47 35 12 

Lebanon............................................. 72 68 62 6 - - 4 4 - 

Malaysia ............................................ 1,206 1,131 972 149 319 10 75 69 6 

Pakistan............................................. 54 48 26 22 20 - 6 6 - 

Philippines ......................................... 1,817 1,557 1,104 427 29 26 260 258 2 

Singapore .......................................... 9,037 7,824 6,745 413 4,906 666 1,213 1,187 26 

Syria .................................................. 2 - - - - - 2 2 - 

Thailand............................................. 1,170 1,139 855 20 557 264 31 28 3 

Other Asia ......................................... 6,739 6,508 3,977 428 3,111 2,103 231 231 - 

Total Asia........................................ 148,296 139,079 105,900 18,729 59,488 14,450 9,217 5,438 3,779 

Africa: 

Congo (formerly Zaire) ...................... - - - - - - - - - 

Egypt ................................................. 225 213 199 12 88 2 12 9 3 

Ghana................................................ 11 5 3 2 - - 6 6 - 

Liberia................................................ 262 260 2 245 - 13 2 2 - 

Morocco............................................. 50 38 30 - - 8 12 12 - 

South Africa....................................... 3,711 582 322 123 245 137 3,129 7 3,122 

Other Africa ....................................... 434 407 236 156 17 15 27 27 - 

Total Africa ..................................... 4,693 1,505 792 538 350 175 3,188 63 3,125 

Other countries: Australia............................................. 12,917 8,822 5,642 2,800 3,910 380 4,095 3,912 183 

New Zealand ..................................... 1,683 1,086 229 661 7 196 597 531 66 

All other ............................................. 61 59 1 57 1 1 2 2 - 

Total other countries....................... 14,661 9,967 5,872 3,518 3,918 577 4,694 4,445 249 

Total foreign countries ................. 1,879,900 1,575,953 1,185,582 311,620 1,039,913 78,751 303,947 280,060 23,887 

International and regional orgs: 

International....................................... 5,248 5,247 - 5,247 - - 1 1 - 

European regional............................. 193 11 - 11 - - 182 182 - 

Latin American regional .................... 217 184 - 184 - - 33 33 - 

Caribbean regional............................ - - - - - - - - - 

Asian regional.................................... 712 712 - 712 - - - - - 

African regional ................................. - - - - - - - - - 

Middle Eastern regional .................... 3 3 - 3 - - - - - 

Total international and regional...... 6,373 6,157 - 6,157 - - 216 216 - 

Grand total ................................... 1,886,273 1,582,110 1,185,582 317,777 1,039,913 78,751 304,163 280,276 23,887 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the former 

Yugoslav Republic of Macedonia.

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data 

series. 
74 CAPITAL MOVEMENTS 

 

0

100

200

300

400

500

600

700

800

2000 2001 2002 2003 March 2004

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

 [In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2000 2001 2002 2003 Mar. 2004 

United Kingdom...................... 223,976 300,665 293,642 377,547 424,097 

All other Europe ...................... 324,734 362,960 406,139 406,684 468,596 

Caribbean banking centers 1,2 388,987 422,615 533,194 622,294 673,890 

Japan ...................................... 39,179 40,047 59,792 76,671 70,482 

All other Asia........................... 49,440 57,326 53,952 66,075 77,814 

Subtotal................................. 1,026,316 1,183,613 1,346,719 1,549,271 1,714,879 

All other countries................... 150,876 167,986 170,023 165,346 171,394 

Grand total ............................ 1,177,192 1,351,599 1,516,742 1,714,617 1,886,273 

1

 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2

 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

CHART CM-B.—U.S. Claims on Foreigners 

Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries

In March 2004, U.S. banking 

claims, excluding long-term 

securities, amounted to about 

$1.9 trillion, an increase of 

about $172 billion from 

yearend 2003. U.S. banking 

claims increased $198 billion in 

2003. In large part, the increase 

in claims in 2003 reflects 

changes to the reporting scope 

of the TIC reporting system 

effective February 2003. 

Between March and December 

of 2003, when data were 

reported on a consistent basis, 

banking claims increased $15 

billion. 

As with U.S. banking liabilities, 

U.S. banking claims on 

foreigners are concentrated in 

international financial centers. 

About 60 percent of these 

claims are reported opposite the 

United Kingdom and banking 

centers in the Caribbean. These 

financial centers also accounted 

for most of the increase in U.S. 

banking claims in 2003. The 

share of claims against 

foreigners domiciled in Asia 

has declined over the past 

several years from about 20 

percent at the end of 1996 to 

less than 10 percent currently. 
 CAPITAL MOVEMENTS 75

SECTION III.—Supplementary Liabilities and Claims Data 

Reported by Banks in the United States 

TABLE CM-III-1.—Dollar Liabilities to, and Dollar Claims on, Foreigners 

in Countries and Areas Not Regularly Reported Separately 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Total liabilities Total banks’ own claims 

 Calendar year 2003 Calendar year 2003 

Country 2002 June Dec. 2002 June Dec. 

 

Other Europe: 

Cyprus.............................................................. 143 276 185 22 n.a. 184 

Iceland.............................................................. 104 141 241 n.a. 38 14 

Monaco............................................................. 239 194 369 n.a. 65 n.a. 

Other Latin America and Caribbean: 

Aruba................................................................ 255 281 434 292 n.a. 178 

Barbados.......................................................... 1,597 5,728 8,128 619 256 n.a. 

Belize................................................................ 319 234 165 n.a. 24 18 

Bolivia............................................................... 878 844 1,042 214 239 216 

Costa Rica........................................................ 933 1,107 962 708 660 700 

Dominica .......................................................... 45 46 71 n.a. 3 n.a. 

Dominican Republic ......................................... 1,460 1,444 1,745 1,085 862 546 

El Salvador....................................................... 968 1,035 1,323 887 780 804 

French West Indies and French Guiana.......... 26 24 40 n.a. n.a. - 

Haiti .................................................................. 256 337 351 24 38 41 

Honduras.......................................................... 1,718 1,604 1,283 362 249 243 

Nicaragua......................................................... 126 149 135 84 n.a. 59 

Paraguay.......................................................... 789 688 720 77 56 61 

Suriname.......................................................... 201 139 158 11 n.a. n.a. 

Other Asia: 

Afghanistan ...................................................... 45 51 49 - - - 

Burma............................................................... 9 3 5 - - - 

Jordan .............................................................. n.a. n.a. 1,577 82 71 99 

Macau............................................................... 85 72 91 - - 6 

Sri Lanka .......................................................... n.a. 809 552 n.a. 8 n.a. 

Yemen.............................................................. 185 291 333 n.a. n.a. n.a. 

Other Africa: 

Angola .............................................................. n.a. 276 140 n.a. n.a. n.a. 

Cameroon......................................................... 16 15 17 14 19 20 

Ethiopia ............................................................ n.a. 360 351 - - - 

Guinea.............................................................. 28 23 18 n.a. n.a. 12 

Ivory Coast ....................................................... n.a. 96 77 n.a. n.a. n.a. 

Kenya ............................................................... 106 152 125 2 2 n.a. 

Mauritius........................................................... 116 117 113 n.a. n.a. 9 

Mozambique..................................................... n.a. 139 n.a. - - - 

Rwanda ............................................................ 91 48 64 - n.a. n.a. 

Senegal ............................................................ 30 n.a. n.a. n.a. n.a. n.a. 

Somalia ............................................................ 9 n.a. n.a. - - - 

Sudan............................................................... 5 7 n.a. - - - 

Tanzania........................................................... 279 n.a. 451 n.a. 14 9 

Tunisia.............................................................. n.a. 73 43 84 73 67 

Uganda............................................................. 202 112 167 n.a. n.a. n.a. 

Zambia ............................................................. 87 102 93 n.a. n.a. - 

Zimbabwe......................................................... 63 66 61 - - - 

All other: 

Papua New Guinea.......................................... n.a. 50 n.a. n.a. 7 n.a. 

 

Note.—Data represent a partial breakdown of the amounts shown for the corresponding 

dates for the “Other” geographical categories in the regular monthly/quarterly series on 

U.S. banking liabilities and claims in Capital Movements sections I and II. 
76 CAPITAL MOVEMENTS 

SECTION IV.—Liabilities to, and Claims on, Foreigners 

Reported by Nonbanking Business Enterprises 

in the United States 

TABLE CM-IV-1.—Total Liabilities and Claims by Type 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Type of liability or claim 2000 2001 2002 Mar. June Sept. Dec. Mar. p 

Total liabilities ................................................ 73,904 66,679 67,664 85,573 82,181 83,956 83,475 89,327 

Payable in dollars....................................... 48,931 42,925 45,087 55,256 54,580 54,396 52,922 62,747 

Financial................................................. 25,246 18,763 18,844 30,301 29,342 28,781 25,290 34,225 

Short-term negotiable securities........ n.a. n.a. n.a. 3,675 3,222 2,511 1,895 2,369 

Other .................................................. n.a. n.a. n.a. 26,626 26,120 26,270 23,395 31,856 

Commercial............................................ 23,685 24,162 26,243 24,955 25,238 25,615 27,632 28,522 

Trade payables .................................. 12,162 10,893 13,469 12,954 13,683 15,284 16,000 16,602 

Advance receipts and other............... 11,523 13,269 12,774 12,001 11,555 10,331 11,632 11,920 

Payable in foreign currencies .................... 24,973 23,754 22,577 30,317 27,601 29,560 30,553 26,580 

By major foreign currency: 

Canadian dollars ................................ n.a. n.a. n.a. 641 884 1,431 1,630 1,348 

Euros.................................................. n.a. n.a. n.a. 13,411 10,959 14,221 11,159 8,083 

United Kingdom pounds sterling........ n.a. n.a. n.a. 7,870 7,587 8,529 12,031 13,337 

Japanese yen..................................... n.a. n.a. n.a. 3,122 2,899 2,099 2,702 1,559 

Other .................................................. n.a. n.a. n.a. 5,273 5,272 3,280 3,031 2,253 

By type of liability: 

Financial............................................. 22,173 22,271 20,717 26,757 24,342 27,549 28,095 24,326 

Short-term negotiable securities.... n.a. n.a. n.a. 17,753 15,020 14,899 12,107 7,856 

Other .............................................. n.a. n.a. n.a. 9,004 9,322 12,650 15,988 16,470 

Commercial........................................ 2,800 1,483 1,860 3,560 3,259 2,011 2,458 2,254 

Trade payables .............................. 2,131 888 1,230 2,008 1,743 977 1,174 1,220 

Advance receipts and other........... 669 595 630 1,552 1,516 1,034 1,284 1,034 

Total claims.................................................... 90,157 113,082 102,566 124,626 129,967 126,163 114,809 122,964 

Payable in dollars....................................... 79,558 103,864 91,551 108,655 113,142 108,918 97,281 105,348 

Financial................................................. 46,157 74,471 65,070 88,002 90,106 84,591 71,754 78,892 

Non-negotiable deposits .................... n.a. n.a. n.a. 45,006 48,202 44,701 33,944 38,249 

Negotiable CDs and short-term 

 negotiable instruments..................... n.a. n.a. n.a. 3,642 3,033 3,006 3,047 2,353 

Other .................................................. n.a. n.a. n.a. 39,354 38,871 36,884 34,763 38,290 

Commercial............................................ 33,401 29,393 26,481 20,653 23,036 24,327 25,527 26,456 

Trade receivables .............................. 30,007 25,828 22,635 17,010 17,849 19,598 21,278 22,064 

Advance payments and other............ 3,394 3,565 3,846 3,643 5,187 4,729 4,249 4,392 

Payable in foreign currencies .................... 10,599 9,218 11,015 15,971 16,825 17,245 17,528 17,616 

By major foreign currency: 

Canadian dollars................................ n.a. n.a. n.a. 1,956 1,876 2,633 2,469 2,772 

Euros.................................................. n.a. n.a. n.a. 4,857 4,136 4,893 4,318 3,704 

United Kingdom pounds sterling........ n.a. n.a. n.a. 3,534 4,110 3,827 4,429 5,021 

Japanese yen..................................... n.a. n.a. n.a. 1,425 1,412 1,529 1,420 1,355 

Other .................................................. n.a. n.a. n.a. 4,199 5,291 4,363 4,892 4,764 

By type of claim: 

Financial............................................. 6,874 6,816 6,319 7,128 7,553 10,312 9,453 9,940 

Non-negotiable deposits ................ n.a. n.a. n.a. 1,416 1,731 2,041 1,976 1,478 

Short-term negotiable securities.... n.a. n.a. n.a. 135 174 168 164 149 

Other .............................................. n.a. n.a. n.a. 5,577 5,648 8,103 7,313 8,313 

Commercial........................................ 3,725 2,402 4,696 8,843 9,272 6,933 8,075 7,676 

Trade receivables .......................... 3,097 1,685 3,750 7,777 8,226 6,151 7,373 6,850 

Advance payments and other........ 628 717 946 1,066 1,046 782 702 826 

Memoranda: 

Financial liabilities and claims: 

Positions with unaffiliated entities: 

Financial liabilities .............................. 47,419 41,034 39,561 45,460 42,256 45,364 43,845 45,604 

Financial claims ................................. 53,031 81,287 71,389 83,215 83,626 83,450 67,347 74,790 

Selected positions with affiliated entities: 1 

Financial liabilities.............................. n.a. n.a. n.a. 11,598 11,428 10,966 9,540 12,947 

Financial claims ................................. n.a. n.a. n.a. 11,915 14,033 11,453 13,860 14,042 

 

1

 Beginning March 2003, reporters who are financial intermediaries or insurance 

underwriting subsidiaries of bank/financial holding companies report financial liabilities and 

claims positions with specified affiliated foreign residents. 

 
CAPITAL MOVEMENTS 77

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Mar. June Sept. Dec. Mar. p 

Europe: 

Austria.................................. 112 111 151 64 97 104 71 82 80

Belgium 1 .............................. 171 440 253 285 1,070 187 174 158 102

Bulgaria................................ - 2 3 4 1 7 2 3 2

Czech Republic.................... 26 7 10 13 17 17 12 6 6

Denmark............................... 105 149 148 522 141 67 99 67 76

Finland ................................. 48 91 86 56 64 66 25 35 41

France.................................. 2,331 2,459 3,575 6,008 3,558 4,270 3,522 4,414 3,177

Germany .............................. 3,105 3,215 3,249 3,704 4,090 3,612 4,130 4,386 4,036

Greece ................................. 141 400 410 403 260 189 209 474 542

Hungary................................ 9 8 27 32 28 34 11 11 12

Ireland .................................. 827 1,216 1,264 785 744 598 1,182 703 890

Italy....................................... 749 1,773 1,395 1,271 1,228 1,479 797 1,154 1,032

Luxembourg 1....................... n.a. n.a. n.a. n.a. 377 556 679 678 538

Netherlands.......................... 2,503 2,316 3,117 2,415 2,526 3,125 1,611 668 597

Norway................................. 266 286 320 406 417 399 419 445 381

Poland.................................. 46 42 43 46 49 33 27 26 28

Portugal................................ 34 16 16 17 17 19 5 7 10

Romania............................... 159 178 17 20 25 16 44 30 31

Russia 2 ................................ 251 91 48 38 34 70 51 71 50

Serbia and Montenegro 

(formerly Yugoslavia) 3..... 11 11 14 9 9 10 5 - 24

Spain.................................... 501 468 423 403 428 334 529 1,068 938

Sweden ................................ 158 117 97 115 127 151 359 656 760

Switzerland .......................... 773 606 884 494 540 632 400 1,383 649

Turkey .................................. 384 408 133 101 84 125 145 302 332

United Kingdom ................... 19,592 29,209 25,131 25,180 28,778 26,253 27,584 28,036 26,218

Channel Islands and 

Isle of Man 4 ..................... n.a. n.a. n.a. n.a. 5 4 60 - 61

Other Europe ....................... 201 182 211 201 210 196 167 182 246

Total Europe .................... 32,503 43,801 41,025 42,592 44,924 42,553 42,319 45,045 40,859

Canada..................................... 2,059 2,344 2,577 2,179 2,287 2,931 3,418 3,514 3,751

Latin America: 

Argentina.............................. 169 146 50 62 61 97 113 125 271

Brazil .................................... 271 262 325 318 369 384 375 475 517

Chile ..................................... 64 52 56 55 38 34 55 60 77

Colombia.............................. 141 131 82 50 52 24 18 71 100

Ecuador................................ 58 32 4 5 7 15 17 21 11

Guatemala ........................... 6 10 13 13 17 17 13 15 18

Mexico.................................. 912 867 935 1,201 1,120 964 1,305 1,332 1,394

Panama................................ 67 32 49 61 62 98 62 52 51

Peru...................................... 28 24 41 21 21 77 20 15 14

Uruguay................................ 8 27 8 6 9 4 2 4 4

Venezuela ............................ 305 286 168 178 142 457 517 332 389

Other Latin America 5 ........... 379 1,994 284 503 77 102 134 98 202

Total Latin America.............. 2,408 3,863 2,015 2,473 1,975 2,273 2,631 2,600 3,048

Caribbean: 

Bahamas.............................. 23 37 209 74 393 12 51 14 16

Bermuda.................................... 157 2,020 1,551 1,528 3,571 4,819 3,493 1,128 4,154

British West Indies 6.................. 540 482 1,672 401 n.a. n.a. n.a. n.a. n.a.

Cayman Islands 6 ................. n.a. n.a. n.a. n.a. 105 56 2,458 3,060 3,890

Cuba..................................... 27 20 42 29 35 7 8 2 3

Jamaica................................ 13 16 12 28 11 13 12 17 17

Netherlands Antilles............. 19 32 46 11 11 8 9 3 12

Trinidad and Tobago............ 15 36 38 33 41 22 18 16 67

Other Caribbean 5 ................ n.a. n.a. n.a. n.a. 710 532 566 564 586

Total Caribbean ............... 794 2,643 3,570 2,104 4,877 5,469 6,615 4,804 8,745

See footnotes at end of table. 
78 CAPITAL MOVEMENTS 

TABLE CM-IV-2.—Total Liabilities to Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Mar. June Sept. Dec. Mar. p 

Asia: 

China: 

Mainland............................. 627 497 735 1,252 1,989 1,179 1,845 1,129 3,081

Taiwan................................ 1,175 970 819 659 751 759 531 441 513

Hong Kong ............................. 223 640 560 495 449 385 473 554 465

India........................................ 519 309 179 160 132 75 115 86 202

Indonesia................................ 83 81 44 100 39 66 71 60 57

Israel....................................... 160 468 195 350 802 614 495 519 891

Japan...................................... 5,751 8,973 5,850 6,124 6,176 5,882 6,385 6,196 6,426

Korea...................................... 543 941 897 548 706 709 611 1,331 1,389

Lebanon ................................. 56 53 57 53 54 16 10 13 44

Malaysia ................................. 118 162 393 140 179 153 204 188 170

Pakistan.................................. 37 96 94 158 209 216 252 233 77

Philippines.............................. 169 114 1,100 108 113 133 139 139 110

Singapore............................... 917 2,280 1,793 1,796 1,922 1,961 1,278 1,436 1,705

Syria ....................................... 8 27 6 13 50 16 30 2 22

Thailand.................................. 165 203 105 118 123 124 151 34 37

Oil-exporting countries 7......... 2,555 2,844 2,649 3,993 3,563 3,091 3,001 3,184 2,582

Other Asia .............................. 217 290 83 247 235 203 227 284 292

Total Asia ........................... 13,323 18,948 15,559 16,314 17,492 15,582 15,818 15,829 18,063

Africa: 

Congo (formerly Zaire)........... 9 - 1 1 1 1 1 86 -

Egypt ...................................... 86 166 117 128 110 39 144 28 136

Ghana..................................... 1 6 3 2 3 5 4 4 5

Liberia..................................... 2 18 30 1 - - - - 4

Morocco.................................. 31 11 34 42 44 43 43 41 36

South Africa............................ 138 135 111 130 125 96 86 52 46

Oil-exporting countries 8......... 499 483 441 496 514 276 464 464 662

Other Africa ............................ 212 181 152 158 244 250 261 230 267

Total Africa ......................... 978 1,000 889 958 1,041 710 1,003 905 1,156

Other countries: 

Australia ................................. 634 344 584 732 1,149 987 906 1,053 619

New Zealand 9........................ n.a. n.a. n.a. n.a. 23 14 18 71 58

All other .................................. 300 898 430 238 178 202 236 98 78

Total other countries .......... 934 1,242 1,014 970 1,350 1,203 1,160 1,222 755

Total foreign countries ... 52,975 73,841 66,649 67,590 73,946 70,721 72,964 73,919 76,377

International and regional orgs: 

International ........................... 1 1 - 22 - - - - -

European regional.................. 44 45 30 3 25 17 19 16 3

Latin American regional ......... - - - 46 2 - - - -

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. - - - - -

Asian regional ........................ - 9 - 3 2 15 7 - -

African regional ...................... - 8 - - - - - - -

Middle Eastern regional ......... - - - - - - - - -

Total international 

 and regional ..................... 45 63 30 74 29 32 26 16 3

Grand total ..................... 53,020 73,904 66,679 67,664 73,975 70,753 72,990 73,935 76,380

 

 1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for 

other entities of the former Yugoslavia recognized as independent states by the United 

States are reported under “Other Europe” as follows: Beginning in December 1992 for 

Bosnia and Herzegovina, Croatia, and Slovenia; and since June 1994 for the former 

Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 79

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar year 2003 2004 

Country 1999 2000 2001 2002 Mar. June Sept. Dec. Mar. p 

Europe: 

Austria....................................... 208 498 1,985 1,770 1,741 1,736 1,841 1,752 1,794 

Belgium 1 ................................... 845 748 893 991 665 512 365 523 569 

Bulgaria..................................... 6 6 13 9 20 18 16 14 36 

Czech Republic......................... 26 67 79 62 52 54 54 54 61 

Denmark.................................... 310 229 138 112 220 186 256 716 151 

Finland ...................................... 261 224 238 624 276 252 275 176 161 

France....................................... 3,203 4,301 4,371 6,411 6,206 7,511 6,634 5,865 5,858 

Germany ................................... 2,464 2,830 2,726 5,447 7,549 5,629 7,257 4,143 6,070 

Greece ...................................... 487 332 339 409 287 255 247 204 248 

Hungary..................................... 54 47 66 51 45 55 39 53 61 

Ireland ....................................... 340 616 821 516 1,019 752 403 423 379 

Italy............................................ 1,284 1,114 1,434 2,963 3,082 3,266 4,635 4,075 4,380 

Luxembourg 1............................ n.a. n.a. n.a. n.a. 1,057 84 69 115 148 

Netherlands............................... 2,658 3,125 2,667 5,138 5,491 5,036 5,776 3,186 2,739 

Norway...................................... 273 308 257 286 256 355 458 315 306 

Poland....................................... 62 67 77 79 72 89 92 104 84 

Portugal..................................... 91 83 71 222 220 201 176 161 161 

Romania.................................... 11 16 34 24 20 20 18 25 21 

Russia 2 ..................................... 293 373 137 93 73 74 88 118 133 

Serbia and Montenegro 

(formerly Yugoslavia) 3.......... 17 15 23 10 18 24 10 13 9 

Spain......................................... 715 860 1,042 1,370 1,020 1,082 1,454 1,803 1,545 

Sweden ..................................... 339 360 441 417 529 540 567 779 637 

Switzerland ............................... 1,253 1,462 1,200 886 1,969 1,733 2,419 2,538 1,975 

Turkey ....................................... 464 700 383 503 462 516 636 479 545 

United Kingdom ........................ 13,388 20,402 20,343 14,390 14,954 17,955 15,667 15,366 17,470 

Channel Islands and 

Isle of Man 4 .......................... n.a. n.a. n.a. n.a. 3 3 - - 8 

Other Europe ............................ 360 291 362 422 830 774 760 546 894 

Total Europe ......................... 29,412 39,074 40,140 43,205 48,136 48,712 50,212 43,546 46,443 

Canada.......................................... 5,310 8,078 9,011 7,803 8,207 8,784 7,615 8,381 8,516 

Latin America: 

Argentina................................... 896 1,109 810 602 565 562 543 398 550 

Brazil ......................................... 2,381 2,784 3,081 3,036 3,133 2,940 3,400 2,735 2,969 

Chile .......................................... 263 302 242 217 184 220 228 382 302 

Colombia................................... 349 351 240 240 262 248 273 234 247 

Ecuador..................................... 82 66 62 112 89 79 85 117 109 

Guatemala ................................ 85 106 90 79 92 71 83 76 96 

Mexico....................................... 3,476 3,955 4,466 4,180 2,885 3,040 3,317 2,968 2,872 

Panama..................................... 168 244 105 79 88 88 123 232 145 

Peru........................................... 148 171 79 69 83 84 64 73 100 

Uruguay..................................... 68 35 20 30 36 11 13 16 53 

Venezuela ................................. 487 415 371 392 405 416 356 361 402 

Other Latin America 5 ................ 1,325 842 919 1,102 649 614 546 427 550 

Total Latin America................... 9,728 10,380 10,485 10,138 8,471 8,373 9,031 8,019 8,395 

Caribbean: 

Bahamas................................... 1,613 1,390 1,018 1,069 818 626 437 1,075 681 

Bermuda......................................... 401 395 1,287 1,011 938 1,162 980 1,024 1,773 

British West Indies 6....................... 12,280 12,733 33,060 21,547 n.a. n.a. n.a. n.a. n.a. 

Cayman Islands 6 ...................... n.a. n.a. n.a. n.a. 25,907 30,750 26,986 20,067 23,743 

Cuba.......................................... - 1 2 - 24 6 5 16 2 

Jamaica..................................... 52 126 93 94 71 85 85 84 87 

Netherlands Antilles.................. 45 84 70 45 12 15 13 32 16 

Trinidad and Tobago................. 46 59 45 54 59 73 81 100 126 

Other Caribbean 5 ..................... n.a. n.a. n.a. n.a. 1,021 1,023 1,000 951 1,076 

Total Caribbean .................... 14,437 14,788 35,575 23,820 28,850 33,740 29,587 23,349 27,504 

See footnotes at end of table. 
80 CAPITAL MOVEMENTS 

TABLE CM-IV-3.—Total Claims on Unaffiliated Foreigners by Country, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

 Calendar year 2003 2004 

Country 1999 2000 2001 2002 Mar. June Sept. Dec. Mar. p 

 

Asia: 

China: 

Mainland............................. 760 1,096 1,052 867 3,029 1,238 2,288 1,066 2,023 

Taiwan................................ 1,097 1,299 853 696 579 566 655 783 908 

Hong Kong ............................. 400 593 1,094 682 768 698 672 832 696 

India ....................................... 599 661 638 743 599 694 752 668 612 

Indonesia................................ 408 407 239 280 241 263 170 170 247 

Israel ...................................... 336 458 700 453 567 1,019 531 749 853 

Japan ..................................... 5,336 4,427 3,610 3,618 2,667 2,976 3,230 2,955 2,552 

Korea...................................... 1,378 1,745 1,850 1,738 1,800 1,448 2,003 1,456 1,494 

Lebanon ................................. 14 36 16 21 21 17 16 34 23 

Malaysia................................. 516 743 645 521 528 551 517 497 497 

Pakistan ................................. 23 37 44 17 27 37 39 34 18 

Philippines.............................. 258 106 1,001 708 780 189 262 743 404 

Singapore............................... 1,041 1,065 1,120 1,044 936 808 834 1,162 908 

Syria ....................................... 5 11 11 28 43 2 3 6 4 

Thailand ................................. 651 344 232 237 208 214 277 250 231 

Oil-exporting countries 7......... 1,648 1,104 985 897 707 953 1,013 1,046 1,118 

Other Asia .............................. 152 195 189 132 135 200 207 222 292 

Total Asia ........................... 14,622 14,327 14,279 12,682 13,635 11,873 13,469 12,673 12,880 

Africa: 

Congo (formerly Zaire)........... - - - 18 - 8 8 2 2 

Egypt...................................... 186 266 233 155 128 100 109 176 132 

Ghana .................................... 6 5 7 9 13 8 8 8 9 

Liberia .................................... 3 2 28 50 54 101 154 109 71 

Morocco ................................. 35 49 35 24 30 24 27 27 41 

South Africa ........................... 323 266 293 273 326 325 268 247 235 

Oil-exporting countries 8......... 186 237 137 120 165 132 170 150 196 

Other Africa............................ 178 258 326 330 278 232 369 336 326 

Total Africa......................... 917 1,083 1,059 979 994 930 1,113 1,055 1,012 

Other countries: 

Australia ................................. 1,889 2,041 2,150 3,540 4,039 3,178 3,332 3,624 3,794 

New Zealand 9........................ n.a. n.a. n.a. n.a. 176 174 178 208 255 

All other.................................. 351 359 383 393 92 101 84 83 112 

Total other countries .......... 2,240 2,400 2,533 3,933 4,307 3,453 3,594 3,915 4,161 

Total foreign countries ... 76,639 90,130 113,082 102,560 112,600 115,865 114,621 100,938 108,911 

International and regional orgs : 

International ........................... 2 2 - 2 11 11 13 1 2 

European regional.................. - 4 - 1 43 26 26 2 3 

Latin American regional......... - - - 1 15 13 18 6 5 

Caribbean regional 10 ............. n.a. n.a. n.a. n.a. 30 9 24 - - 

Asian regional ........................ - 12 - - 9 7 5 2 1 

African regional...................... 1 2 - 1 1 - - - - 

Middle Eastern regional......... - 7 - 1 2 3 3 - - 

Total international 

 and regional ..................... 3 27 - 6 111 69 89 11 11 

Grand total ..................... 76,642 90,157 113,082 102,566 112,711 115,934 114,710 100,949 108,922 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included in 

“Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states by 

the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since June 

1994 for the former Yugoslav Republic of Macedonia. 

4

 Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined 

“Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab 

Emirates (Trucial States). 

8

 Includes Algeria, Gabon, Libya, and Nigeria. 

9

 Before January 2001, data included in “All other countries.” 

10 Before January 2001, included in “Latin American regional.” 
CAPITAL MOVEMENTS 81

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2004, Preliminary 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

 

Europe: 

Austria ........................................... 80 25 55 1,794 1,702 92 

Belgium 1 ....................................... 102 - 102 569 419 150 

Bulgaria ......................................... 2 - 2 36 27 9 

Czech Republic............................. 6 1 5 61 28 33 

Denmark........................................ 76 29 47 151 82 69 

Finland........................................... 41 13 28 161 46 115 

France ........................................... 3,177 2,158 1,019 5,858 3,113 2,745 

Germany........................................ 4,036 3,015 1,021 6,070 4,573 1,497 

Greece........................................... 542 13 529 248 20 228 

Hungary......................................... 12 5 7 61 - 61 

Ireland ........................................... 890 847 43 379 198 181 

Italy................................................ 1,032 371 661 4,380 2,666 1,714 

Luxembourg 1 ................................ 538 495 43 148 87 61 

Netherlands................................... 597 284 313 2,739 2,293 446 

Norway .......................................... 381 4 377 306 235 71 

Poland ........................................... 28 - 28 84 - 84 

Portugal......................................... 10 3 7 161 102 59 

Romania........................................ 31 - 31 21 - 21 

Russia 2 ......................................... 50 12 38 133 48 85 

Serbia and Montenegro 

(formerly Yugoslavia) 3.............. 24 - 24 9 1 8 

Spain ............................................. 938 566 372 1,545 889 656 

Sweden ......................................... 760 605 155 637 322 315 

Switzerland.................................... 649 15 634 1,975 618 1,357 

Turkey ........................................... 332 7 325 545 377 168 

United Kingdom............................. 26,218 23,127 3,091 17,470 13,430 4,040 

Channel Islands and 

Isle of Man 4 .............................. 61 - 61 8 - 8 

Other Europe................................. 246 11 235 894 542 352 

Total Europe.............................. 40,859 31,606 9,253 46,443 31,818 14,625 

Canada.............................................. 3,751 1,415 2,336 8,516 5,241 3,275 

Latin America: 

Argentina....................................... 271 210 61 550 333 217 

Brazil ............................................. 517 291 226 2,969 1,967 1,002 

Chile .............................................. 77 9 68 302 102 200 

Colombia ....................................... 100 - 100 247 49 198 

Ecuador......................................... 11 - 11 109 27 82 

Guatemala..................................... 18 - 18 96 48 48 

Mexico........................................... 1,394 32 1,362 2,872 1,723 1,149 

Panama......................................... 51 1 50 145 61 84 

Peru............................................... 14 - 14 100 24 76 

Uruguay......................................... 4 - 4 53 2 51 

Venezuela ..................................... 389 - 389 402 174 228 

Other Latin America 5 .................... 202 2 200 550 238 312 

Total Latin America ....................... 3,048 545 2,503 8,395 4,748 3,647 

Caribbean: 

Bahamas ....................................... 16 - 16 681 646 35 

Bermuda............................................. 4,154 3,506 648 1,773 1,034 739 

Cayman Islands 6............................. 3,890 3,813 77 23,743 23,676 67 

Cuba.............................................. 3 - 3 2 - 2 

Jamaica......................................... 17 6 11 87 56 31 

Netherlands Antilles ...................... 12 - 12 16 - 16 

Trinidad and Tobago..................... 67 4 63 126 95 31 

Other Caribbean 5 ......................... 586 1 585 1,076 128 948 

Total Caribbean......................... 8,745 7,330 1,415 27,504 25,635 1,869 

 

See footnotes at end of table. 
82 CAPITAL MOVEMENTS 

TABLE CM-IV-4.—Total Liabilities to, and Claims on, Unaffiliated Foreigners, by Type and 

Country, March 31, 2004, Preliminary, con. 

[Position at end of period in millions of dollars. Source: Treasury International Capital Reporting System] 

Liabilities Claims 

Country 

Total liabilities 

(1) 

Financial 

(2) 

Commercial 

(3) 

Total claims 

(4) 

Financial 

(5) 

Commercial 

(6) 

Asia: 

China: 

Mainland.................................... 3,081 1,939 1,142 2,023 1,061 962 

Taiwan....................................... 513 11 502 908 93 815 

Hong Kong .................................... 465 113 352 696 320 376 

India............................................... 202 20 182 612 435 177 

Indonesia....................................... 57 23 34 247 121 126 

Israel.............................................. 891 535 356 853 570 283 

Japan............................................. 6,426 1,453 4,973 2,552 963 1,589 

Korea............................................. 1,389 43 1,346 1,494 930 564 

Lebanon ........................................ 44 3 41 23 - 23 

Malaysia ........................................ 170 1 169 497 330 167 

Pakistan......................................... 77 - 77 18 - 18 

Philippines..................................... 110 6 104 404 308 96 

Singapore...................................... 1,705 311 1,394 908 151 757 

Syria .............................................. 22 - 22 4 - 4 

Thailand......................................... 37 3 34 231 156 75 

Other Asia ..................................... 2,874 50 2,824 1,410 197 1,213 

Total Asia .................................... 18,063 4,511 13,552 12,880 5,635 7,245 

Africa: 

Congo (formerly Zaire).................. - - - 2 - 2 

Egypt ............................................. 136 1 135 132 14 118 

Ghana............................................ 5 - 5 9 1 8 

Liberia............................................ 4 - 4 71 59 12 

Morocco......................................... 36 2 34 41 29 12 

South Africa................................... 46 14 32 235 150 85 

Other Africa ................................... 929 109 820 522 138 384 

Total Africa ................................ 1,156 126 1,030 1,012 391 621 

Other countries: 

Australia ........................................ 619 58 561 3,794 1,228 2,566 

New Zealand 7............................... 58 12 46 255 71 184 

All other ......................................... 78 1 77 112 23 89 

Total other countries ................. 755 71 684 4,161 1,322 2,839 

Total foreign countries .......... 76,377 45,604 30,773 108,911 74,790 34,121 

International and regional orgs: 

International .................................. - - - 2 - 2 

European regional......................... 3 - 3 3 - 3 

Latin American regional ................ - - - 5 - 5 

Caribbean regional 8 ..................... - - - - - - 

Asian regional ............................... - - - 1 - 1 

African regional ............................. - - - - - - 

Middle Eastern regional ................ - - - - - - 

Total international 

 and regional ............................ 3 - 3 11 - 11 

Grand total ............................ 76,380 45,604 30,776 108,922 74,790 34,132 

1

 Before January 2001, combined data reported for Belgium-Luxembourg. 

2

 Since December 1992, data for all other republics of the former U.S.S.R. included 

in “Other Europe.” 

3

 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. 

Data for other entities of the former Yugoslavia recognized as independent states 

by the United States are reported under “Other Europe” as follows: Beginning in 

December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and since 

June 1994 for the former Yugoslav Republic of Macedonia. 

4

Before January 2001, data included in United Kingdom. 

5

 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as 

combined “Other Latin America and Caribbean.” 

6

 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 

7

 Before January 2001, data included in “All other countries.” 

8

 Before January 2001, included in “Latin American regional.” 
 CAPITAL MOVEMENTS 83

SECTION V.—U.S. International Transactions in Long-Term Securities 

TABLE CM-V-1.—U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury bonds and notes 

Net foreign purchase 

Foreign countries 

U.S. Government corporations and 

federally-sponsored agencies

Calendar 

year or month

 Total 

 (1) 

Official 

institutions 

(2) 

Other 

foreigners 

(3) 

International 

and regional 

(4) 

 Gross 

 foreign 

purchases 

 (5)

Gross 

foreign 

sales 

(6)

Net foreign 

purchases 

(7) 

 Gross foreign 

 purchases 

 (8) 

Gross foreign 

sales 

(9) 

2000 ......................................... -54,032 -6,302 -47,270 -460 3,870,511 3,924,543 152,842 728,930 576,088 

2001 ......................................... 18,514 681,795 -662,595 -686 5,267,730 5,249,216 163,990 1,201,649 1,037,659 

2002 ......................................... 119,921 -1,774,068 1,891,978 2,011 7,264,450 7,144,529 195,145 1,727,972 1,532,827 

2003 r ....................................... 278,139 -273,272 552,137 -726 8,611,881 8,333,742 161,009 2,192,247 2,031,238 

2004 - Jan. - June p ................ 251,976 131,126 120,276 574 4,952,990 4,701,014 123,940 1,119,003 995,063 

 

2003 - June r ............................ 46,883 16,497 30,483 -97 833,218 786,335 7,277 241,730 234,453 

July r............................. 46,529 12,338 35,131 -940 859,089 812,560 12,182 219,454 207,272 

Aug. r............................ 22,465 -963 23,031 397 893,782 871,317 8,524 211,821 203,297 

Sept. r........................... 6,507 8,076 -1,359 -210 786,454 779,947 -3,486 157,567 161,053 

Oct. r............................. 11,804 19,451 -7,344 -303 833,740 821,936 9,284 144,698 135,414 

Nov. r............................ 35,964 18,883 17,010 71 645,830 609,866 10,380 119,443 109,063 

Dec. r............................ 31,049 11,329 19,716 4 643,033 611,984 17,142 122,734 105,592 

2004 - Jan. r............................. 48,998 26,910 21,964 124 728,101 679,103 27,382 152,846 125,464 

Feb ............................... 36,705 16,071 20,759 -125 747,058 710,353 24,333 166,349 142,016 

Mar ............................... 60,798 33,905 26,789 104 916,824 856,026 3,988 232,649 228,661 

Apr................................ 35,673 22,140 13,332 201 904,603 868,930 31,788 231,600 199,812 

May p............................ 29,225 14,560 14,685 -20 871,380 842,155 20,581 211,271 190,690 

June p........................... 40,577 17,540 22,747 290 785,024 744,447 15,868 124,288 108,420 

Corporate and other securities 

Bonds 1 Stocks 

Calendar 

year or month 

Net foreign 

purchases 

(10) 

Gross foreign 

 purchases 

 (11) 

Gross foreign 

sales 

(12) 

Net foreign 

purchases 

(13) 

Gross foreign 

purchases 

(14) 

 Gross foreign

 sales 

 (15) 

 

2000 .............................................................................. 184,128 479,456 295,328 174,890 3,605,196 3,430,306

2001 .............................................................................. 221,955 741,041 519,086 116,390 3,051,332 2,934,942

2002 .............................................................................. 182,310 820,747 638,437 50,189 3,209,760 3,159,571

2003 r ............................................................................ 270,182 997,876 727,694 37,768 3,120,076 3,082,308

2004 - Jan. - June p ...................................................... 128,369 575,961 447,592 -5,907 2,068,528 2,074,435

 

2003 - June r ................................................................. 23,027 95,251 72,224 10,392 312,513 302,121

July r.................................................................. 26,796 88,025 61,229 -7,706 267,668 275,374

Aug. r................................................................. 16,993 75,694 58,701 11,549 252,782 241,233

Sept. r................................................................ 19,778 86,798 67,020 -6,302 263,242 269,544

Oct. r.................................................................. 20,850 89,969 69,119 -1,211 308,723 309,934

Nov. r................................................................. 29,348 88,704 59,356 8,768 262,835 254,067

Dec. r................................................................. 19,969 81,450 61,481 13,356 289,259 275,903

2004 - Jan. r .................................................................. 12,795 82,979 70,184 12,815 323,894 311,079

Feb .................................................................... 21,028 94,250 73,222 2,471 317,586 315,115

Mar .................................................................... 30,587 118,369 87,782 -13,495 377,265 390,760

Apr..................................................................... 16,536 93,865 77,329 -1,930 366,881 368,811

May p................................................................. 20,298 90,740 70,442 -7,672 349,168 356,840

June p................................................................ 27,125 95,758 68,633 1,904 333,734 331,830

 

 

1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and 

municipalities. 
84 CAPITAL MOVEMENTS 

TABLE CM-V-2.—U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Foreign bonds Foreign stocks 

Calendar 

year or month 

Net foreign purchases of foreign securities 

from U.S. 

(1) 

Net foreign 

purchases from 

U.S. 

(2) 

Gross foreign 

purchases from 

U.S. 

(3) 

Gross foreign 

sales to U.S. 

(4) 

Net foreign 

purchases from 

U.S. 

(5) 

Gross foreign 

purchases from 

U.S. 

(6) 

Gross foreign 

sales to U.S. 

(7) 

 

2000 ..................................................... -17,142 -4,054 958,932 962,986 -13,088 1,802,185 1,815,273 

2001 ..................................................... -19,611 30,502 1,160,102 1,129,600 -50,113 1,397,664 1,447,777 

2002 ..................................................... 26,999 28,492 1,372,239 1,343,747 -1,493 1,267,794 1,269,287 

2003 r ................................................... -36,380 34,733 1,684,018 1,649,285 -71,113 1,376,080 1,447,193 

2004 - Jan. - June p ............................. -31,003 12,167 940,746 928,579 -43,170 965,744 1,008,914 

 

2003 - June r........................................ 5,315 10,514 163,578 153,064 -5,199 117,080 122,279 

July r......................................... -2,236 2,349 163,593 161,244 -4,585 129,585 134,170 

Aug. r........................................ -9,394 4,260 123,274 119,014 -13,654 112,489 126,143 

Sept. r....................................... -9,386 -146 157,506 157,652 -9,240 134,315 143,555 

Oct. r......................................... -12,002 -4,400 158,075 162,475 -7,602 155,115 162,717 

Nov. r........................................ -3,365 -2,467 130,489 132,956 -898 132,534 133,432 

Dec. r........................................ -3,309 1,645 136,298 134,653 -4,954 123,777 128,731 

2004 - Jan. r......................................... -9,763 3,445 179,290 175,845 -13,208 138,173 151,381 

Feb ........................................... 181 2,622 164,015 161,393 -2,441 154,671 157,112 

Mar ........................................... -3,870 -968 186,698 187,666 -2,902 195,704 198,606 

Apr............................................ -6,660 4,673 131,646 126,973 -11,333 171,657 182,990 

May p........................................ 2,817 8,584 138,590 130,006 -5,767 154,689 160,456 

June p....................................... -13,708 -6,189 140,507 146,696 -7,519 150,850 158,369 

 

 
CAPITAL MOVEMENTS 85

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury

bonds and notes

U.S. Government corporations

and Federal agency bonds Corporate bonds Corporate stocks

 2004 2004 2004 2004

Country

 Calendar

 year

 2003 r

 (1)

Jan.

through

June

(2)

 Apr.

 through

 June p

 (3)

Calendar

year

2003 r

(4)

 Jan.

 through

 June

 (5)

 Apr.

 through

 June p

 (6)

 Calendar

 year

 2003 r

 (7)

 Jan.

 through

 June

 (8)

Apr.

through

June p

(9)

Calendar

year

2003 r

(10)

Jan.

through

June

(11)

Apr.

through

June p

(12)

Europe:

Austria................................................................ -860 499 268 657 -60 -148 423 59 -13 -180 188 15

Belgium 1................................ 1,739 -293 1,250 656 2,115 1,727 2,440 3,175 1,909 225 -390 -450

Bulgaria................................ 47 6 25 14 - -16 18 63 -3 -2 -10 -1

Czech Republic................................281 6 849 2,097 42 104 72 8 -6 26 13 1

Denmark................................ 2,414 539 -609 1,560 26 19 1,209 670 402 697 -69 -376

Finland................................ -430 -90 91 113 31 -29 -111 124 42 294 -24 25

France................................................................ -6,800 -5,641 -5,365 960 -354 153 3,792 2,083 -567 6,213 905 1,231

Germany................................ 7,921 1,334 1,646 -1,132 -470 -347 3,790 5,413 2,919 -969 -3,063 -1,233

Greece................................ 736 378 294 -102 47 25 27 27 12 -49 59 17

Hungary................................ 44 169 50 2 12 -19 12 16 - -6 3 -10

Ireland................................................................ 3,742 -119 743 4,095 2,431 2,064 9,522 5,460 2,461 7,779 152 284

Italy................................................................ -2,535 929 995 390 -301 -175 2,078 112 -155 559 -406 -878

Luxembourg 1................................ 906 276 -54 2,652 933 1,939 5,241 2,241 1,310 2,049 2,574 1,191

Netherlands................................ -200 2,159 2,424 -103 -1,220 364 1,281 1,085 684 66 1,490 331

Norway................................ 7,499 1,363 -196 1,576 -57 278 5,782 1,480 760 5,024 1,326 785

Poland................................................................ 859 -581 -1,365 406 82 58 25 -7 -5 -5 10 11

Portugal................................ 740 1,337 1,254 144 -15 -4 -30 73 41 121 14 1

Romania................................ 915 -501 -403 -39 322 262 69 5 5 - - -

Russia 2................................ -129 -280 192 3,217 8,300 4,293 83 134 83 - -34 -37

Serbia and Montenegro

(formerly Yugoslavia) 3................................ 15 59 38 - - - 9 - - 2 - -

Spain................................................................ -5,130 -2,886 -259 -4,028 -496 -137 669 1,717 1,426 369 378 100

Sweden................................ 432 463 -513 -70 186 -46 294 774 268 3,425 73 142

Switzerland................................ 4,894 3,581 1,869 1,576 2,277 1,205 6,123 2,928 1,851 -2,139 1,014 -743

Turkey................................................................ -1,602 4,736 39 7 29 10 -343 32 11 23 -4 -6

United Kingdom................................ 35,971 46,455 5,637 25,283 18,254 14,385 107,539 28,890 15,786 675 -4,657 -6,062

Channel Islands and

Isle of Man 4................................1,554 452 -992 1,822 763 409 18,078 5,806 1,147 97 484 446

Other Europe................................

-1,920 -4,126 -2,312 179 456 649 588 780 466 -19 -5 25

Total Europe................................

51,103 50,224 5,596 41,932 33,333 27,023 168,680 63,148 30,834 24,275 21 -5,191

Canada................................................................

10,787 4,892 1,021 -1,413 4,284 1,210 6,876 2,543 1,149 11,703 -2,941 -3,307

Latin America:

Argentina................................ 1,464 325 328 -354 71 101 815 15 25 -293 -32 -108

Brazil................................................................ 2,928 917 884 -488 -218 -282 830 349 111 163 48 -

Chile................................................................ -244 375 671 293 352 157 87 100 55 143 3 -71

Colombia................................ -578 54 -54 270 6 -141 160 83 46 47 33 -

Ecuador................................ 63 -10 31 417 183 20 67 89 35 28 92 -42

Guatemala................................ 3 4 5 62 99 43 8 -9 -1 -37 4 1

Mexico................................................................ 5,358 13,587 11,040 3,591 -1,699 -2,149 3,297 3,801 2,739 -308 -159 107

Panama ................................ -178 -71 -60 1,477 607 297 333 319 232 -14 71 -36

Peru................................................................ 590 408 208 971 496 187 224 190 50 140 -95 -13

Uruguay................................ 797 139 61 466 108 75 433 147 118 266 63 -23

Venezuela................................ 317 -17 18 638 931 192 460 519 302 591 21 4

Other Latin America................................

287 41 97 1,205 533 192 782 251 69 -33 -10 -23

Total Latin America................................

10,807 15,752 13,229 8,548 1,469 -1,308 7,496 5,854 3,781 693 39 -204

Caribbean:

Bahamas................................ -6,147 16,744 13,620 4,780 3,169 1,711 2,200 -107 176 -113 943 -1,563

Bermuda................................ 24,775 -4,034 -4,917 8,524 3,206 4,641 13,963 7,286 4,890 -4,329 -274 831

Cayman Islands................................ -9,379 15,290 12,782 10,360 12,852 257 32,364 16,094 7,398 2,186 -5,240 -3,461

Cuba................................................................ n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

Jamaica ................................ -1 -122 -62 468 189 188 124 367 30 17 9 -1

Netherlands Antilles................................ 7,981 8,559 1,883 -917 181 43 699 222 -180 757 -1,461 -838

Trinidad and Tobago................................ 64 -15 -19 277 124 69 61 13 4 13 2 -2

Other Caribbean................................

-2,621 1,155 2,087 3,718 1,605 1,118 4,690 1,539 276 284 118 -310

Total Caribbean................................

14,672 37,577 25,374 27,210 21,326 8,027 54,101 25,414 12,594 -1,187 -5,903 -5,344

See footnotes at end of table.
86 CAPITAL MOVEMENTS 

TABLE CM-V-3.—Net Foreign Transactions in Long-Term Domestic Securities 

by Type and Country, con. 

[In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. 

Source: Treasury International Capital Reporting System] 

Marketable Treasury 

bonds and notes 

U.S. Government corporations 

and Federal agency bonds Corporate bonds Corporate stocks 

2004 2004 2004 2004 

Country 

Calendar 

year 

2003 r 

(1) 

Jan. 

through 

June 

(2) 

Apr. 

through 

June p 

(3) 

Calendar

year 

2003 r 

(4) 

Jan. 

through 

June 

(5) 

Apr. 

through 

June p 

(6) 

Calendar 

year 

2003 r 

(7) 

Jan. 

through 

June 

(8) 

Apr. 

 through 

June p 

 (9) 

Calendar 

year 

2003 r 

(10) 

Jan. 

through 

June 

(11) 

Apr. 

through 

June p 

(12) 

Asia: 

China: 

Mainland................................ 30,483 2,306 7,992 29,629 6,521 2,490 4,626 3,759 1,842 -79 -222 -130

Taiwan................................... 9,031 6,590 3,308 9,497 4,048 1,724 1,598 849 484 299 75 -105

Hong Kong................................. 6,076 559 -44 11,914 8,679 4,333 4,476 965 597 846 -197 -895

India........................................... 485 3,347 2,628 -18 - - 19 -2 -12 -72 -53 -41

Indonesia................................... 620 428 679 498 1,226 552 49 -72 -8 67 8 5

Israel.......................................... -2,321 1,270 750 716 439 236 546 147 -15 -24 130 -43

Japan......................................... 148,777 128,244 40,885 22,347 20,892 14,867 12,105 20,534 10,633 -2,328 -834 2,433

Korea......................................... 5,195 -2,753 -76 8,344 8,308 -5 781 949 396 -20 -36 -14

Lebanon..................................... 18 1 - 7 -1 - 8 -1 - -33 28 6

Malaysia .................................... -255 963 1,310 -1,168 394 104 7 25 12 -27 -109 -31

Pakistan..................................... - 24 24 3 -1 - 3 12 12 -5 -3 -2

Philippines ................................. 461 113 97 47 75 86 89 98 38 -40 13 7

Singapore .................................. -1,343 4,304 1,631 679 1,694 65 3,351 1,962 805 3,429 -716 1,802

Syria .......................................... -1 4 4 -2 1 1 -1 - - 1 3 1

Thailand..................................... -5,987 -527 -272 162 18 35 399 34 8 -8 -16 -22

Oil-exporting countries 5............. -6,913 1,528 1,471 1,630 9,291 7,565 2,106 59 -57 503 4,171 2,942

Other Asia.................................. 149 72 182 4 49 23 87 16 11 13 60 43

Total Asia .............................. 184,475 146,473 60,569 84,289 61,633 32,076 30,249 29,334 14,746 2,522 2,302 5,956

Africa: 

Congo (formerly Zaire)............... 7 n.a. n.a. - n.a. n.a. - n.a. n.a. -9 n.a. n.a.

Egypt ......................................... 48 -6 -6 86 -11 -7 97 -10 -28 -55 41 42

Ghana........................................ - n.a. n.a. - n.a. n.a. 1 n.a. n.a. 1 n.a. n.a.

Liberia........................................ -23 -35 1 710 947 927 202 149 142 23 -166 9

Morocco..................................... -49 248 248 1 - - -1 - - 187 4 4

South Africa ............................... -126 -8 19 35 45 20 -40 -36 -34 6 -16 -3

Oil-exporting countries 6............. 52 -5 -5 859 200 - -8 - - -13 -11 -5

Other Africa ............................... 146 -10 34 271 6 20 143 63 79 132 -26 -33

Total Africa ............................ 55 184 291 1,962 1,187 960 394 166 159 272 -174 14

Other countries: 

Australia..................................... 6,706 -3,882 -1,532 -798 196 154 405 1,433 434 -620 246 87

New Zealand.............................. -444 -202 -80 -144 52 32 89 13 16 208 551 263

All other countries ...................... 704 384 536 487 34 - 1,113 -335 -287 -65 -97 -9

Total other countries.............. 6,966 -3,700 -1,076 -455 282 186 1,607 1,111 163 -477 700 341

Total foreign countries ....... 278,865 251,402 105,004 162,073 123,514 68,174 269,403 127,570 63,426 37,801 -5,956 -7,735

International and regional orgs: 

International............................... -446 206 168 -930 121 38 630 770 513 -51 49 42

European regional ..................... 114 58 19 - 24 - -3 - -7 - 1 -

Latin American regional ............. -38 -114 -100 -31 23 13 139 -32 27 -7 -3 -6

Caribbean regional .................... -15 -5 -3 37 -3 3 - - - -1 - -

Asian regional............................ -351 382 387 -126 281 8 2 - - -5 - -

African regional.......................... 10 47 - -14 -20 1 11 61 - - - -

Middle Eastern regional ............. - - - - - - - - - 31 2 1

Total international and regional.. -726 574 471 -1,064 426 63 779 799 533 -33 49 37

Grand total......................... 278,139 251,976 105,475 161,009 123,940 68,237 270,182 128,369 63,959 37,768 -5,907 -7,698

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and United Arab Emirates (Trucial 

States). 

6 Includes Algeria, Gabon, Libya, and Nigeria. 
 CAPITAL MOVEMENTS 87

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2004, Preliminary 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

 other Foreign securities 

Country 

 Total 

 pur- 

 chases

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financ- 

 ing Bank

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps 

and 

federally-

 spon- 

 sored 

agencies

 (3) 

 Bonds 

 (4) 

Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

 (7) 

 Total 

 sales 

 (8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps 

and 

federallysponsored 

agencies

 (10) 

 Bonds

 (11) 

 Stocks 

 (12) 

 Bonds

 (13) 

 Stocks

 (14) 

Europe: 

Austria ........................................ 4,106 2,296 264 138 711 361 336 3,991 2,028 412 151 696 332 372 

Belgium 1 .................................... 20,504 6,595 6,311 2,369 3,721 476 1,032 15,960 5,345 4,584 460 4,171 352 1,048 

Bulgaria ...................................... 47 41 - - 2 1 3 38 16 16 3 3 - - 

Czech Republic........................... 12,080 11,220 316 - 151 304 89 10,810 10,371 212 6 150 33 38 

Denmark ..................................... 7,195 2,595 976 888 757 1,353 626 8,963 3,204 957 486 1,133 2,364 819 

Finland........................................ 2,447 1,176 96 132 366 44 633 2,102 1,085 125 90 341 74 387 

France ........................................ 260,299 137,079 1,921 5,121 101,450 2,918 11,810 266,189 142,444 1,768 5,688 100,219 3,446 12,624 

Germany..................................... 71,731 35,354 972 4,987 16,528 9,083 4,807 66,752 33,708 1,319 2,068 17,761 6,692 5,204 

Greece........................................ 1,953 1,234 41 37 235 160 246 1,686 940 16 25 218 96 391 

Hungary ...................................... 276 100 - - 72 62 42 195 50 19 - 82 10 34 

Ireland......................................... 146,697 117,521 7,563 6,028 9,171 3,331 3,083 139,866 116,778 5,499 3,567 8,887 2,004 3,131 

Italy............................................. 23,398 7,779 779 337 9,511 2,282 2,710 22,941 6,784 954 492 10,389 1,578 2,744 

Luxembourg 1.............................. 27,137 6,700 9,250 2,779 5,786 864 1,758 23,069 6,754 7,311 1,469 4,595 1,118 1,822 

Netherlands ................................ 44,559 19,989 8,115 1,984 9,403 1,088 3,980 41,408 17,565 7,751 1,300 9,072 1,261 4,459

Norway ....................................... 148,079 136,293 4,712 1,179 3,130 1,876 889 146,917 136,489 4,434 419 2,345 2,404 826

Poland ........................................ 326 8 157 4 33 49 75 1,559 1,373 99 9 22 3 53

Portugal ...................................... 10,752 9,970 237 51 249 131 114 9,403 8,716 241 10 248 48 140

Romania ..................................... 1,510 1,041 262 5 2 200 - 1,521 1,444 - - 2 75 -

Russia 2 ...................................... 11,206 1,037 8,909 90 132 303 735 6,431 845 4,616 7 169 346 448

Serbia and Montenegro (formerly

Yugoslavia) 3 .......................... 128 127 - - 1 - - 97 89 - - 1 - 7

Spain .......................................... 18,239 8,844 388 3,498 1,910 1,795 1,804 17,340 9,103 525 2,072 1,810 1,732 2,098

Sweden....................................... 28,966 17,050 3,384 461 5,408 120 2,543 31,773 17,563 3,430 193 5,266 565 4,756

Switzerland ................................. 44,441 14,803 2,246 3,246 15,163 2,798 6,185 40,469 12,934 1,041 1,395 15,906 2,153 7,040

Turkey......................................... 2,056 1,600 14 14 28 117 283 2,669 1,561 4 3 34 807 260

United Kingdom .......................... 1,579,276 836,294 43,245 96,577 225,040 186,727 191,393 1,574,013 830,657 28,860 80,791 231,102 195,884 206,719

Channel Islands and Isle of Man 4 ...... 17,865 4,906 2,405 4,807 4,262 559 926 17,705 5,898 1,996 3,660 3,816 1,355 980

Other Europe .............................. 16,517 8,345 2,157 663 1,284 1,250 2,818 17,339 10,657 1,508 197 1,259 1,201 2,517

Total Europe........................... 2,501,790 1,389,997 104,720 135,395 414,506 218,252 238,920 2,471,206 1,384,401 77,697 104,561 419,697 225,933 258,917

Canada............................................ 201,150 110,763 3,859 6,232 31,452 29,075 19,769 200,945 109,742 2,649 5,083 34,759 30,003 18,709

Latin America: 

Argentina .................................... 3,163 527 178 220 1,212 621 405 2,496 199 77 195 1,320 333 372

Brazil........................................... 21,319 15,370 416 322 674 2,138 2,399 19,807 14,486 698 211 674 1,520 2,218

Chile ........................................... 5,712 2,533 962 220 369 1,291 337 4,361 1,862 805 165 440 770 319

Colombia..................................... 2,775 972 527 139 240 837 60 2,682 1,026 668 93 240 601 54

Ecuador ...................................... 763 98 41 208 206 94 116 694 67 21 173 248 23 162

Guatemala .................................. 185 6 46 - 23 104 6 97 1 3 1 22 63 7

Mexico ........................................ 32,878 15,871 4,782 3,161 1,330 4,904 2,830 18,933 4,831 6,931 422 1,223 3,465 2,061

Panama ...................................... 2,825 410 510 372 637 600 296 2,248 470 213 140 673 504 248

Peru............................................ 1,041 256 259 114 128 232 52 590 48 72 64 141 200 65

Uruguay ...................................... 2,626 620 127 173 460 1,096 150 2,170 559 52 55 483 891 130

Venezuela................................... 2,541 224 221 490 588 738 280 1,745 206 29 188 584 512 226

Other Latin America 5.................. 2,710 1,441 252 125 221 627 44 2,040 1,344 60 56 244 298 38

Total Latin America................. 78,538 38,328 8,321 5,544 6,088 13,282 6,975 57,863 25,099 9,629 1,763 6,292 9,180 5,900

Caribbean: 

Bahamas..................................... 119,225 72,612 2,725 6,454 24,298 6,710 6,426 105,590 58,992 1,014 6,278 25,861 6,677 6,768

Bermuda ..................................... 395,886 178,883 44,377 15,551 130,625 10,061 16,389 389,731 183,800 39,736 10,661 129,794 10,144 15,596

Cayman Islands 6........................ 1,113,845 345,284 321,544 76,189 244,083 82,613 44,132 1,100,846 332,502 321,287 68,791 247,544 85,524 45,198

Cuba ........................................... - - - - - - - - - - - - - -

Jamaica ...................................... 768 246 236 71 12 203 - 487 308 48 41 13 77 -

Netherlands Antilles.................... 43,678 25,476 316 534 13,647 1,049 2,656 42,546 23,593 273 714 14,485 473 3,008

Trinidad and Tobago................... 661 365 70 21 34 167 4 584 384 1 17 36 143 3

Other Caribbean 5 ....................... 253,182 75,474 2,044 7,785 145,293 3,488 19,098 249,879 73,387 926 7,509 145,603 3,114 19,340

Total Caribbean...................... 1,927,245 698,340 371,312 106,605 557,992 104,291 88,705 1,889,663 672,966 363,285 94,011 563,336 106,152 89,913

 

See footnotes at end of table. 
88 CAPITAL MOVEMENTS 

TABLE CM-V-4.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Second Quarter 2004, Preliminary, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country 

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

 Bonds 

 of U.S. 

 Gov’t 

corps and

federally- 

 spon- 

 sored 

 agencies 

 (3) 

 Bonds 

 (4) 

 Stocks 

 (5) 

 Bonds 

 (6) 

Stocks 

(7) 

 Total 

 sales 

 (8) 

Marketable 

Treasury 

and 

Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federally- 

 spon- 

 sored 

 agencies 

 (10) 

Bonds 

(11) 

Stocks 

(12) 

 Bonds

 (13) 

 Stocks

 (14) 

Asia: 

China: 

Mainland...................... 74,432 56,314 14,473 2,161 512 716 256 62,072 48,322 11,983 319 642 430 376

Taiwan......................... 30,037 6,123 4,180 636 1,228 826 17,044 25,802 2,815 2,456 152 1,333 167 18,879

Hong Kong ...................... 71,806 34,341 8,639 1,449 3,123 4,145 20,109 64,520 34,385 4,306 852 4,018 2,924 18,035

India ................................ 5,152 3,416 - 46 41 10 1,639 2,846 788 - 58 82 9 1,909

Indonesia......................... 3,192 1,685 1,013 4 70 133 287 1,849 1,006 461 12 65 71 234

Israel ............................... 8,773 4,965 548 419 1,724 105 1,012 7,710 4,215 312 434 1,767 57 925

Japan .............................. 297,532 150,045 29,909 15,250 13,067 28,899 60,362 226,030 109,160 15,042 4,617 10,634 21,080 65,497

Korea............................... 19,782 10,254 4,356 724 158 1,077 3,213 19,887 10,330 4,361 328 172 612 4,084

Lebanon .......................... 160 3 2 2 119 7 27 176 3 2 2 113 37 19

Malaysia .......................... 5,385 4,303 236 44 81 124 597 3,814 2,993 132 32 112 48 497

Pakistan........................... 62 24 - 12 5 5 16 18 - - - 7 - 11

Philippines....................... 1,568 646 373 71 100 307 71 1,229 549 287 33 93 200 67

Singapore........................ 41,427 19,612 1,746 2,884 6,961 4,577 5,647 34,088 17,981 1,681 2,079 5,159 2,047 5,141

Syria ................................ 6 4 1 - 1 - - - - - - - - -

Thailand........................... 1,286 571 134 11 54 126 390 1,373 843 99 3 76 18 334

Other Asia ....................... 26,719 7,400 9,678 611 7,271 867 892 14,338 5,747 2,090 657 4,286 984 574

Total Asia .................... 587,319 299,706 75,288 24,324 34,515 41,924 111,562 465,752 239,137 43,212 9,578 28,559 28,684 116,582

Africa: 

Congo (formerly Zaire)..... - - - - - - - - - - - - - -

Egypt ............................... 332 16 6 7 165 90 48 246 22 13 35 123 18 35

Ghana ............................. 16 - - - - - 16 1 - - - - - 1

Liberia ............................. 2,616 1 2,062 163 240 25 125 1,575 - 1,135 21 231 12 176

Morocco........................... 275 248 - - 18 1 8 47 - - - 14 32 1

South Africa..................... 1,440 666 20 91 113 145 405 1,513 647 - 125 116 180 445

Other Africa ..................... 1,115 246 57 105 121 458 128 576 217 37 26 159 29 108

Total Africa .................. 5,794 1,177 2,145 366 657 719 730 3,958 886 1,185 207 643 271 766

Other countries: 

Australia .......................... 35,068 17,736 1,001 1,148 3,543 1,722 9,918 37,192 19,268 847 714 3,456 2,501 10,406

New Zealand ................... 1,828 237 63 29 463 745 291 1,097 317 31 13 200 300 236

All other countries............ 1,584 684 67 165 278 295 95 1,143 148 67 452 287 42 147

Total other countries.... 38,480 18,657 1,131 1,342 4,284 2,762 10,304 39,432 19,733 945 1,179 3,943 2,843 10,789

Total foreign countries.. 5,340,316 2,556,968 566,776 279,808 1,049,494 410,305 476,965 5,128,819 2,451,964 498,602 216,382 1,057,229 403,066 501,576

International and 

 regional orgs: 

International..................... 3,741 2,460 281 526 222 250 2 3,091 2,292 243 13 180 354 9

European regional ........... 406 21 - 2 - 156 227 483 2 - 9 - 242 230

Latin American regional... 205 50 52 27 58 18 - 258 150 39 - 64 5 -

Caribbean regional .......... 3 - 3 - - - - 3 3 - - - - -

Asian regional.................. 1,568 1,508 46 - - 14 - 1,167 1,121 38 - - 8 -

African regional................ 2 - 1 - - - 1 - - - - - - -

Middle Eastern regional... 10 - - - 9 - 1 8 - - - 8 - -

Total international 

 and regional............. 5,935 4,039 383 555 289 438 231 5,010 3,568 320 22 252 609 239

Grand total .............. 5,346,251 2,561,007 567,159 280,363 1,049,783 410,743 477,196 5,133,829 2,455,532 498,922 216,404 1,057,481 403,675 501,815

1 Before January 2001, combined data reported for Belgium-Luxembourg.

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the 

former Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as 

follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 

1994 for the former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other Latin 

America and Caribbean.”

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 89

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2003 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other 

Foreign 

securities 

Country

 Total pur- 

 chases 

 (1) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(2) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(3) 

 Bonds

 (4) 

 Stocks 

 (5) 

Bonds 

(6) 

Stocks 

(7) 

Total 

sales 

(8) 

 Market- 

 able 

 Treasury 

 and 

 Federal 

 Financ- 

 ing Bank 

 bonds 

 and 

 notes 

 (9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

Bonds 

(11) 

Stocks 

(12) 

Bonds 

(13) 

Stocks

(14) 

Europe: 

Austria ....................................... 22,749 12,758 2,785 889 2,877 2,316 1,124 22,630 13,618 2,128 466 3,057 2,110 1,251

Belgium 1 ................................... 92,087 32,059 25,524 6,868 19,975 3,056 4,605 86,742 30,320 24,868 4,428 19,750 3,356 4,020

Bulgaria ..................................... 432 243 27 72 55 7 28 385 196 13 54 57 38 27

Czech Republic.......................... 38,130 34,038 2,733 171 1,011 18 159 35,734 33,757 636 99 985 24 233

Denmark .................................... 35,342 17,500 4,083 2,682 5,080 3,607 2,390 27,801 15,086 2,523 1,473 4,383 2,312 2,024

Finland....................................... 10,853 5,208 585 340 1,460 472 2,788 11,892 5,638 472 451 1,166 1,484 2,681

France ....................................... 839,086 498,662 6,639 16,855 258,730 15,677 42,523 837,831 505,462 5,679 13,063 252,517 17,615 43,495

Germany.................................... 310,348 153,348 10,262 16,958 43,698 61,999 24,083 296,188 145,427 11,394 13,168 44,667 59,851 21,681

Greece....................................... 9,444 6,054 348 117 875 1,351 699 8,293 5,318 450 90 924 727 784

Hungary ..................................... 1,606 838 112 38 148 178 292 1,471 794 110 26 154 127 260

Ireland........................................ 401,665 264,633 20,915 24,674 65,393 13,167 12,883 371,405 260,891 16,820 15,152 57,614 8,297 12,631

Italy............................................ 108,944 46,243 4,025 3,433 33,336 10,423 11,484 110,460 48,778 3,635 1,355 32,777 12,625 11,290

Luxembourg 1 ............................ 80,686 14,208 21,983 11,045 21,571 6,793 5,086 66,048 13,302 19,331 5,804 19,522 3,501 4,588

Netherlands ............................... 231,312 135,837 24,344 7,171 35,606 9,757 18,597 229,420 136,037 24,447 5,890 35,540 9,960 17,546

Norway ...................................... 424,137 373,692 14,367 6,773 14,025 12,759 2,521 406,965 366,193 12,791 991 9,001 15,227 2,762

Poland ....................................... 7,288 4,475 808 30 59 1,739 177 5,869 3,616 402 5 64 1,670 112

Portugal ..................................... 21,142 16,073 1,452 91 1,515 572 1,439 19,874 15,333 1,308 121 1,394 396 1,322

Romania .................................... 4,867 4,332 257 70 26 179 3 3,963 3,417 296 1 26 210 13

Russia 2 ..................................... 38,297 6,741 26,942 278 734 755 2,847 34,483 6,870 23,725 195 734 843 2,116

Serbia and Montenegro 

(formerly Yugoslavia) 3 .......... 183 145 - 14 4 8 12 159 130 - 5 2 4 18

Spain ......................................... 52,397 23,994 4,803 1,020 5,996 8,946 7,638 60,221 29,124 8,831 351 5,627 9,505 6,783

Sweden...................................... 92,030 43,562 9,614 1,647 23,369 898 12,940 89,132 43,130 9,684 1,353 19,944 728 14,293

Switzerland ................................ 180,739 61,564 13,002 11,870 58,070 13,860 22,373 166,758 56,670 11,426 5,747 60,209 9,592 23,114

Turkey........................................ 10,906 8,546 16 41 229 783 1,291 14,345 10,148 9 384 206 1,185 2,413

United Kingdom......................... 5,681,927 3,118,796 165,106 396,321 629,107 842,728 529,869 5,514,849 3,082,825 139,823 288,782 628,432 838,153 536,834

Channel Islands and Isle 

 of Man 4......................................... 66,681 9,224 11,197 29,600 10,559 4,217 1,884 44,010 7,670 9,375 11,522 10,462 3,121 1,860

Other Europe ............................. 46,206 24,084 4,409 1,703 3,821 3,857 8,332 47,542 26,004 4,230 1,115 3,840 3,541 8,812

Total Europe.......................... 8,809,484 4,916,857 376,338 540,771 1,237,329 1,020,122 718,067 8,514,470 4,865,754 334,406 372,091 1,213,054 1,006,202 722,963

Canada .......................................... 839,625 457,209 21,799 22,962 167,379 107,498 62,778 803,224 446,422 23,212 16,086 155,676 96,433 65,395

Latin America: 

Argentina ................................... 15,375 3,222 1,267 1,438 4,460 3,544 1,444 12,637 1,758 1,621 623 4,753 2,417 1,465

Brazil.......................................... 72,201 32,681 2,474 1,370 2,774 27,438 5,464 70,086 29,753 2,962 540 2,611 27,020 7,200

Chile .......................................... 17,512 6,738 1,493 1,693 2,339 4,102 1,147 18,760 6,982 1,200 1,606 2,196 5,616 1,160

Colombia ................................... 13,130 3,289 2,807 1,152 1,087 4,607 188 12,826 3,867 2,537 992 1,040 4,272 118

Ecuador ..................................... 2,390 245 534 92 1,169 101 249 1,772 182 117 25 1,141 55 252

Guatemala ................................. 611 46 119 72 90 260 24 557 43 57 64 127 245 21

Mexico ....................................... 75,285 30,610 8,908 5,944 5,823 16,499 7,501 64,249 25,252 5,317 2,647 6,131 17,795 7,107

Panama ..................................... 13,076 1,264 3,643 1,683 2,861 2,696 929 10,478 1,442 2,166 1,350 2,875 1,831 814

Peru........................................... 4,405 948 1,170 452 598 929 308 2,691 358 199 228 458 1,078 370

Uruguay ..................................... 11,315 2,108 901 889 1,807 4,972 638 8,706 1,311 435 456 1,541 4,503 460

Venezuela.................................. 11,449 841 1,543 986 3,639 3,949 491 7,442 524 905 526 3,048 1,986 453

Other Latin America 5................. 11,086 4,493 1,457 1,194 1,923 1,840 179 8,270 4,206 252 412 1,956 1,312 132

Total Latin America ............... 247,835 86,485 26,316 16,965 28,570 70,937 18,562 218,474 75,678 17,768 9,469 27,877 68,130 19,552

Caribbean: 

Bahamas ................................... 440,472 234,434 39,818 27,384 80,435 39,807 18,594 439,047 240,581 35,038 25,184 80,548 38,835 18,861

Bermuda .................................... 1,070,030 365,878 187,706 53,972 387,396 31,210 43,868 1,026,796 341,103 179,182 40,009 391,725 30,888 43,889

Cayman Islands 6....................... 3,421,179 1,005,694 1,177,415 219,466 680,845 214,328 123,431 3,393,664 1,015,073 1,167,055 187,102 678,659 224,714 121,061

Cuba.......................................... - - - - - - - 2 - - - 2 - -

Jamaica ..................................... 2,422 123 1,689 181 119 284 26 1,748 124 1,221 57 102 215 29

Netherlands Antilles................... 262,346 153,196 22,535 4,114 67,041 6,465 8,995 253,854 145,215 23,452 3,415 66,284 6,464 9,024

Trinidad and Tobago.................. 1,242 237 290 106 139 449 21 733 173 13 45 126 350 26

Other Caribbean 5 ...................... 495,184 78,174 12,456 33,016 320,198 11,268 40,072 487,249 80,795 8,738 28,326 319,914 10,012 39,464

Total Caribbean..................... 5,692,875 1,837,736 1,441,909 338,239 1,536,173 303,811 235,007 5,603,093 1,823,064 1,414,699 284,138 1,537,360 311,478 232,354

See footnotes at end of table. 
90 CAPITAL MOVEMENTS 

TABLE CM-V-5.—U.S. Transactions with Foreigners in Long-Term Domestic 

and Foreign Securities, by Type and Country, During Calendar Year 2003, con. 

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Gross purchases by foreigners from U.S. residents Gross sales by foreigners to U.S. residents 

Domestic securities Domestic securities 

Corporate and 

other Foreign securities 

Corporate and 

other Foreign securities 

Country

 Total 

 pur- 

 chases 

 (1) 

 Market- 

 able 

 Treasury

 and 

 Federal 

 Financing Bank 

 bonds 

 and 

 notes 

 (2) 

 Bonds 

 of U.S. 

 Gov’t 

 corps and

 federally-

 spon- 

 sored 

 agencies 

 (3) 

 Bonds

 (4) 

 Stocks 

 (5) 

 Bonds

 (6) 

 Stocks 

 (7) 

Total 

sales 

(8) 

Marketable 

Treasury 

and 

Federal 

Financing Bank 

bonds 

and 

notes 

(9) 

Bonds 

of U.S. 

Gov’t 

corps and 

federallysponsored 

agencies 

(10) 

 Bonds 

 (11) 

 Stocks 

 (12) 

 Bonds 

 (13)

 Stocks

 (14) 

Asia: 

China: 

Mainland................... 385,591 266,359 102,865 7,130 2,215 6,187 835 318,472 235,876 73,236 2,504 2,294 3,717 845

Taiwan...................... 101,932 31,771 16,212 2,369 6,766 5,352 39,462 100,092 22,740 6,715 771 6,467 1,466 61,933

Hong Kong ................... 259,337 127,149 28,710 8,330 10,268 21,946 62,934 241,309 121,073 16,796 3,854 9,422 23,309 66,855

India ............................. 7,669 5,392 17 57 208 145 1,850 8,016 4,907 35 38 280 14 2,742

Indonesia...................... 9,407 6,112 1,442 100 368 720 665 7,738 5,492 944 51 301 269 681

Israel ............................ 26,451 15,421 1,276 1,436 5,121 588 2,609 27,279 17,742 560 890 5,145 303 2,639

Japan ........................... 1,035,021 581,735 100,544 30,477 49,202 107,471 165,592 886,232 432,958 78,197 18,372 51,530 101,964 203,211

Korea............................ 97,628 51,338 31,313 1,519 567 4,558 8,333 84,654 46,143 22,969 738 587 3,961 10,256

Lebanon ....................... 606 79 23 23 309 113 59 635 61 16 15 342 152 49

Malaysia ....................... 12,715 8,033 1,350 101 357 1,237 1,637 14,049 8,288 2,518 94 384 657 2,108

Pakistan........................ 279 - 5 3 233 - 38 265 - 2 - 238 11 14

Philippines.................... 7,479 3,445 1,558 286 352 1,452 386 7,240 2,984 1,511 197 392 1,811 345

Singapore..................... 176,583 84,289 13,422 13,367 36,112 12,087 17,306 167,395 85,632 12,743 10,016 32,683 10,771 15,550

Syria ............................. 80 26 - - 23 - 31 63 27 2 1 22 - 11

Thailand........................ 18,138 15,033 975 515 293 225 1,097 23,659 21,020 813 116 301 212 1,197

Other Asia .................... 65,747 23,809 12,133 5,105 18,931 2,420 3,349 66,135 30,573 10,499 2,912 18,415 1,832 1,904

Total Asia ................. 2,204,663 1,219,991 311,845 70,818 131,325 164,501 306,183 1,953,233 1,035,516 227,556 40,569 128,803 150,449 370,340

Africa: 

Congo (formerly Zaire).... 240 7 - - 230 1 2 255 - - - 239 2 14

Egypt ............................ 843 98 92 114 434 64 41 696 50 6 17 489 44 90

Ghana .......................... 24 - - 1 13 - 10 22 - - - 12 - 10

Liberia .......................... 2,038 117 845 473 314 88 201 1,132 140 135 271 291 91 204

Morocco........................ 534 200 1 - 303 18 12 448 249 - 1 116 50 32

South Africa.................. 4,079 625 59 864 511 615 1,405 4,335 751 24 904 505 637 1,514

Other Africa .................. 5,982 1,667 1,653 209 1,253 766 434 3,946 1,469 523 74 1,134 305 441

Total Africa ............... 13,740 2,714 2,650 1,661 3,058 1,552 2,105 10,834 2,659 688 1,267 2,786 1,129 2,305

Other countries: 

Australia ....................... 136,039 69,699 5,966 3,630 13,905 12,064 30,775 131,147 62,993 6,764 3,225 14,525 12,120 31,520

New Zealand ................ 4,788 946 403 312 827 1,184 1,116 4,708 1,390 547 223 619 797 1,132

All other countries......... 8,071 4,351 962 1,302 697 558 201 5,614 3,647 475 189 762 258 283

Total other countries. 148,898 74,996 7,331 5,244 15,429 13,806 32,092 141,469 68,030 7,786 3,637 15,906 13,175 32,935

Total foreign countries 17,957,120 8,595,988 2,188,188 996,660 3,119,263 1,682,227 1,374,794 17,244,797 8,317,123 2,026,115 727,257 3,081,462 1,646,996 1,445,844

International and 

 regional orgs.: 

International ..................... 16,073 11,966 1,577 902 442 1,160 26 17,458 12,412 2,507 272 493 1,665 109

European regional ............ 1,965 177 - 5 - 530 1,253 1,800 63 - 8 - 494 1,235

Latin American regional...... 986 235 127 295 274 55 - 954 273 158 156 281 86 -

Caribbean regional ........... 40 - 40 - - - - 19 15 3 - 1 - -

Asian regional................... 5,876 3,505 2,293 3 40 31 4 6,360 3,856 2,419 1 45 34 5

African regional................. 59 10 22 11 - 15 1 46 - 36 - - 10 -

Middle Eastern regional .... 59 - - - 57 - 2 26 - - - 26 - -

 Total international 

 and regional............ 25,058 15,893 4,059 1,216 813 1,791 1,286 26,663 16,619 5,123 437 846 2,289 1,349

 Grand total.............. 17,982,178 8,611,881 2,192,247 997,876 3,120,076 1,684,018 1,376,080 17,271,460 8,333,742 2,031,238 727,694 3,082,308 1,649,285 1,447,193

1 Before January 2001, combined data reported for Belgium-Luxembourg. 

2 Since December 1992, data for all other republics of the former U.S.S.R. included in “Other Europe.” 

3 On February 4, 2003, Yugoslavia changed its name to Serbia and Montenegro. Data for other entities of the former 

Yugoslavia recognized as independent states by the United States are reported under “Other Europe” as follows: 

Beginning in December 1992 for Bosnia and Herzegovina, Croatia, and Slovenia; and beginning in June 1994 for the 

former Yugoslav Republic of Macedonia. 

4 Before January 2001, data included in United Kingdom. 

5 Before January 2001, “Other Latin America” and “Other Caribbean” were reported as combined “Other 

Latin America and Caribbean.” 

6 Beginning January 2001, Cayman Islands replaced British West Indies in the data series. 
 CAPITAL MOVEMENTS 91

CHART CM-C.—Net Purchases of Long-Term 

Domestic Securities by Foreigners, Selected Countries

0

50

100

150

200

250

300

350

400

450

2001 2002 2003 2004

Jan. - June

2004

Apr. - June

United Kingdom All other Europe Caribbean banking centers

Japan All other Asia All other countries

(In billions of dollars)

Note: To facilitate comparison of net purchases 

during 2004 with those in prior years, the chart 

depicts data for all periods at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Country 2001 2002 2003 

2004 

Jan. - June 

2004 

 Apr. - June 

United Kingdom .............................. 183,986 186,691 169,468 88,942 29,746 

All other Europe .............................. 78,921 57,064 116,522 57,784 28,516 

Caribbean banking centers 1,2......... 57,817 76,144 89,322 74,356 37,706 

Japan .............................................. 56,589 91,412 180,901 168,836 68,818 

All other Asia................................... 110,995 109,314 120,634 70,906 44,529 

Subtotal ....................................... 488,308 520,625 676,847 460,824 209,315 

All other countries ........................... 32,541 26,940 70,251 37,554 20,658 

Grand total .................................. 520,849 547,565 747,098 498,378 229,973 

1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 2 Beginning January 2001, Cayman Islands replaced British West Indies in reporting format. 

The data on this page represent 

foreign investors’ purchases and 

sales of long-term U.S. securities 

(that is, U.S. Treasury and 

Government agency bonds and 

notes, and U.S. corporate bonds 

and stocks) as reported to the TIC 

reporting system. Foreign 

investors also acquired U.S. 

equities through mergers that 

involve stock swaps. Net foreign 

acquisitions of U.S. equities 

through stock swaps have been 

modest, amounting to $7 billion in 

both 2001 and 2002, $2 billion in 

2003, and $12 billion in the first 

half of 2004. (Stock swaps data 

for the most recent quarter are 

Federal Reserve Board/Treasury 

estimates and are subject to 

substantial revisions.) These stock 

swaps are not reported under the 

TIC reporting system, but are now 

available on the TIC web site. 

The data present aggregate net 

purchases for 2001 through the 

second quarter of 2004. The 

figures show that foreigners’ 

annual net purchases (gross 

purchases minus gross sales) of 

U.S. securities have maintained an 

extremely high level since 2001. 

Annual net foreign purchases of 

U.S. securities first surpassed 

$100 billion in 1993. In 2003, net 

acquisitions (including stock 

swaps) of U.S. securities totaled a 

record $749 billion. Net 

acquisitions in the first half of 

2004 were even stronger at $510 

billion. 
92 CAPITAL MOVEMENTS 

CHART CM-D.—Net Purchases of Long-Term

Foreign Securities by U.S. Investors* 

-100

-50

0

50

100

150

 2000 2001 2002 2003 2004

Jan. - June

2004

Apr. - June

Foreign bonds Foreign stocks Total foreign securities

(In billions of dollars)

Note: To facilitate comparison of net purchases during 2004

with those in prior years, the chart depicts data for all periods

at an annualized rate.

[In millions of dollars. Source: Treasury International Capital Reporting System] 

Calendar years 

Type 2000 2001 2002 2003 

2004 

Jan. - June 

2004 

Apr. - June 

Foreign bonds ........ 4,054 -30,502 -28,492 -34,733 -12,167 -7,068 

Foreign stocks........ 13,088 50,113 1,493 71,113 43,170 24,619 

Total ..................... 17,142 19,611 -26,999 36,380 31,003 17,551 

* Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. 

The data on this page represent 

U.S. investors’ purchases and 

sales of long-term foreign 

securities as reported to the TIC 

reporting system. However, in the 

past several years, U.S. investors 

also have acquired a substantial 

amount of foreign stocks, mostly 

European, through mergers that 

involve stock swaps. Net 

acquisitions through stock swaps 

amounted to $80 billion in 2000, 

$47 billion in 2001, $3 billion in 

2002, $17 billion in 2003, and $11 

billion in the first half of 2004. 

(Stock swaps data for the most 

recent quarter are Federal Reserve 

Board/Treasury estimates and are 

subject to substantial revisions.) 

These stock swaps are not 

reported under the TIC reporting 

system, but are now available on 

the TIC web site. 

Including the stock swaps, annual 

U.S. net purchases of long-term 

foreign securities averaged about 

$100 billion from the mid-1990s 

through 2000, without much 

variation from year to year. Since 

then, however, U.S. investors’ 

acquisitions of foreign securities 

(including stock swaps) have been 

more modest, with acquisitions of 

$67 billion in 2001, net sales of 

$24 billion in 2002, and 

acquisitions of $53 billion in 

2003. In the first half of 2004, 

acquisitions amounted to $42 

billion. 
93

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options, 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly Treasury reports. 

Tables I-3 through VI-3 present quarterly consolidated 

currency data reported by large market participants that do 

not file weekly reports. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
94 FOREIGN CURRENCY POSITIONS 

SECTION I.—Canadian Dollar Positions 

TABLE FCP-I-1.—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

 

01/07/04 .................................................................... 390,278 402,920 -2,925 1.2904 

01/14/04 .................................................................... 393,663 403,246 -2,501 1.2886 

01/21/04 .................................................................... 402,561 414,303 -2,704 1.3009 

01/28/04 .................................................................... 420,151 437,691 -2,756 1.3256 

 

02/04/04 .................................................................... 413,257 427,210 -2,893 1.3334 

02/11/04 .................................................................... 419,718 431,984 -2,663 1.3144 

02/18/04 .................................................................... 420,511 438,120 -3,069 1.3250 

02/25/04 .................................................................... 425,960 441,910 -2,991 1.3357 

 

03/03/04 .................................................................... 432,036 449,809 -2,960 1.3391 

03/10/04 .................................................................... 438,059 458,922 -1,212 1.3238 

03/17/04 .................................................................... 409,528 430,297 -3,584 1.3390 

03/24/04 .................................................................... 402,871 422,329 -3,521 1.3417 

03/31/04 .................................................................... 415,034 426,283 -1,823 1.3116 

 

04/07/04 .................................................................... 421,192 433,619 -2,288 1.3095 

04/14/04 .................................................................... 417,262 437,753 -2,754 1.3458 

04/21/04 .................................................................... 422,064 443,284 -2,406 1.3603 

04/28/04 .................................................................... 430,096 452,783 -2,692 1.3744 

 

05/05/04 .................................................................... 418,397 442,490 -2,940 1.3750 

05/12/04 .................................................................... 432,480 459,704 -2,400 1.3881 

05/19/04 .................................................................... 424,701 450,626 -2,772 1.3771 

05/26/04 .................................................................... 432,707 457,373 -2,659 1.3709 

 

06/02/04 .................................................................... 430,310 455,873 -2,108 1.3626 

06/09/04 .................................................................... 452,347 448,146 -2,243 1.3590 

06/16/04 .................................................................... 407,485 397,923 -1,594 1.3750 

06/23/04 .................................................................... 383,213 378,117 -724 1.3596 

06/30/04 .................................................................... 383,650 384,114 -302 1.3331 

 
FOREIGN CURRENCY POSITIONS 95

SECTION I.—Canadian Dollar Positions, con. 

TABLE FCP-I-2.—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 269,352 273,354 80,030 76,966 25,527 27,709 27,788 28,719 -601 1.5921 

2002 - Dec................... 313,637 309,627 85,780 86,978 38,202 44,315 39,474 33,245 -2,240 1.5729 

2003 - July................... 413,500 414,638 93,102 90,573 96,856 101,492 89,289 87,788 -1,800 1.4053 

Aug .................. 392,198 377,684 92,275 92,262 88,839 88,958 89,732 72,197 239 1.3857 

Sept................. 363,822 364,278 97,851 96,743 115,801 102,702 96,830 109,118 -1,092 1.3499 

Oct................... 379,415 388,592 93,239 93,537 102,781 97,040 88,000 96,274 -2,539 1.3191 

Nov .................. 377,945 397,298 97,273 95,951 98,787 90,607 82,899 91,831 -2,144 1.2991 

Dec .................. 374,848 390,545 91,332 91,462 91,209 84,411 75,920 80,482 -2,698 1.2972 

2004 - Jan ................... 409,120 421,966 110,452 109,461 95,728 88,135 81,874 89,398 -2,664 1.3251 

Feb .................. 432,102 454,279 93,073 90,784 82,044 79,127 79,285 78,632 -2,246 1.3358 

Mar .................. 420,769 435,736 86,513 86,009 81,054 77,294 74,495 74,971 -2,430 1.3116 

Apr................... 421,382 446,572 87,989 86,517 74,863 73,797 71,882 71,252 -2,956 1.3720 

May.................. 434,682 461,960 86,451 83,134 75,503 75,962 86,031 67,394 -3,297 1.3624 

June................. 387,492 392,569 90,337 89,575 62,307 64,190 59,873 58,640 -930 1.3331 

 

TABLE FCP-I-3.—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 30,315 36,513 47,131 43,649 1,151 570 421 224 188 1.5921 

2002 - Mar................... 26,125 29,277 45,237 n.a. n.a. n.a. 595 547 167 1.5932 

June................. 28,748 33,623 45,714 n.a. n.a. 521 930 593 n.a. 1.5166 

Sept................. 39,369 40,753 56,399 38,941 1,449 326 759 351 308 1.5875 

Dec .................. 38,048 41,529 57,695 69,378 868 474 1,433 615 -253 1.5729 

2003 - Mar................... 45,629 50,134 53,084 41,777 750 1,069 1,461 1,491 -2 1.4680 

June................. 28,134 34,279 60,747 49,932 1,011 1,440 1,478 1,792 68 1.3478 

Sept................. 27,882 36,685 59,073 43,044 n.a. 556 1,251 726 12 1.3499 

Dec .................. 27,390 37,777 60,864 35,554 n.a. 1,334 1,160 620 -39 1.2972 

2004 - Mar................... 31,971 42,329 61,865 38,643 199 1,035 2,555 680 -517 1.3116 

 
96 FOREIGN CURRENCY POSITIONS 

SECTION II.—Japanese Yen Positions 

TABLE FCP-II-1.—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

(4) 

 

01/07/04 .................................................................. 164,783 170,338 494 106.30 

01/14/04 .................................................................. 171,266 175,941 571 106.24 

01/21/04 .................................................................. 168,369 172,849 457 106.99 

01/28/04 .................................................................. 169,634 172,475 499 106.06 

 

02/04/04 .................................................................. 172,501 175,682 592 105.51 

02/11/04 .................................................................. 176,057 180,592 480 105.40 

02/18/04 .................................................................. 173,991 177,391 557 106.91 

02/25/04 .................................................................. 179,594 182,527 299 109.10 

 

03/03/04 .................................................................. 186,655 188,815 348 110.10 

03/10/04 .................................................................. 187,917 189,776 275 110.81 

03/17/04 .................................................................. 177,804 180,319 76 108.33 

03/24/04 .................................................................. 174,276 177,445 55 106.27 

03/31/04 .................................................................. 185,609 186,833 297 104.33 

 

04/07/04 .................................................................. 183,335 185,192 453 105.34 

04/14/04 .................................................................. 187,756 189,697 504 108.73 

04/21/04 .................................................................. 183,138 184,720 342 109.47 

04/28/04 .................................................................. 182,071 184,826 425 110.16 

 

05/05/04 .................................................................. 197,720 200,679 471 108.71 

05/12/04 .................................................................. 186,326 187,978 -5 113.06 

05/19/04 .................................................................. 186,207 187,883 79 113.08 

05/26/04 .................................................................. 186,014 188,088 315 111.93 

 

06/02/04 .................................................................. 190,278 192,552 280 110.10 

06/09/04 .................................................................. 196,879 198,767 261 110.53 

06/16/04 .................................................................. 184,562 187,456 209 110.12 

06/23/04 .................................................................. 179,705 182,072 111 108.56 

06/30/04 .................................................................. 189,255 190,115 57 108.88 

 
FOREIGN CURRENCY POSITIONS 97

SECTION II.—Japanese Yen Positions, con. 

TABLE FCP-II-2.—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2001 - Dec................... 150,583 153,822 28,681 27,904 21,451 20,440 55,841 57,278 568 131.68 

2002 - Dec................... 172,436 174,874 35,743 36,564 26,486 24,120 31,305 32,826 623 118.81 

2003 - July................... 176,558 181,479 41,087 40,313 28,944 28,662 32,554 31,970 -18 120.61 

Aug .................. 166,890 171,681 40,105 38,391 28,651 29,068 31,931 31,046 134 116.89 

Sept................. 183,032 187,673 43,968 43,868 33,086 34,433 33,847 32,817 85 111.50 

Oct................... 179,383 183,629 45,291 44,157 33,619 35,561 34,942 34,392 211 109.97 

Nov .................. 171,531 175,608 41,150 40,401 33,219 34,883 37,524 37,031 274 109.64 

Dec .................. 168,865 173,966 43,262 39,601 29,960 31,224 34,206 34,108 308 107.40 

2004 - Jan ................... 176,348 181,033 41,247 40,608 34,835 36,648 37,626 37,339 375 105.80 

Feb .................. 193,740 197,058 35,442 35,421 35,701 38,539 39,802 40,509 336 108.98 

Mar .................. 200,996 202,453 37,830 38,155 41,797 44,353 45,038 43,921 68 104.33 

Apr................... 204,174 208,079 39,363 38,697 41,077 43,367 45,657 43,261 267 110.55 

May.................. 189,068 191,788 37,884 37,304 43,356 46,562 47,484 45,570 255 110.32 

June................. 203,976 205,482 44,323 43,907 43,545 46,299 46,905 46,747 24 108.88 

 

TABLE FCP-II-3.—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

 

2001 - Dec................... 11,633 12,154 5,917 6,337 510 661 1,319 669 -221 131.68 

2002 - Mar................... 11,992 11,000 5,696 5,693 n.a. n.a. n.a. n.a. -17 132.73 

June................. 12,703 12,179 5,127 5,006 n.a. n.a. n.a. n.a. -73 119.62 

Sept................. 13,370 13,262 5,606 5,113 n.a. n.a. n.a. n.a. 479 121.81 

Dec .................. 10,390 11,039 4,406 4,550 n.a n.a n.a n.a -210 118.81 

2003 - Mar................... 11,975 12,499 4,424 3,828 n.a n.a n.a n.a -462 118.01 

June................. 11,580 13,067 4,934 3,557 n.a n.a n.a n.a -633 119.75 

Sept................. 11,532 12,147 4,850 3,108 662 776 1,249 725 52 111.50 

Dec .................. 9,373 10,616 4,715 2,758 309 469 1,001 527 100 107.40 

2004 - Mar................... 11,366 12,220 5,277 2,832 648 789 1,014 484 70 104.33 

 
98 FOREIGN CURRENCY POSITIONS 

SECTION III.—Swiss Franc Positions 

TABLE FCP-III-1.—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

(4) 

 

01/07/04 .................................................................. 309,184 318,325 617 1.2403 

01/14/04 .................................................................. 316,126 325,826 1,603 1.2338 

01/21/04 .................................................................. 319,775 330,858 1,554 1.2412 

01/28/04 .................................................................. 325,399 337,880 1,549 1.2554 

 

02/04/04 .................................................................. 326,001 338,577 2,038 1.2515 

02/11/04 .................................................................. 374,273 386,201 2,068 1.2304 

02/18/04 .................................................................. 385,270 395,594 2,562 1.2441 

02/25/04 .................................................................. 410,154 416,576 2,487 1.2601 

 

03/03/04 .................................................................. 468,547 476,164 1,526 1.2943 

03/10/04 .................................................................. 467,289 472,620 588 1.2872 

03/17/04 .................................................................. 404,561 409,251 1,179 1.2775 

03/24/04 .................................................................. 406,049 411,921 2,312 1.2769 

03/31/04 .................................................................. 387,567 391,834 1,677 1.2657 

 

04/07/04 .................................................................. 416,384 419,103 641 1.2769 

04/14/04 .................................................................. 423,231 427,435 1,682 1.2979 

04/21/04 .................................................................. 448,369 452,327 751 1.3149 

04/28/04 .................................................................. 454,289 459,332 2,215 1.3077 

 

05/05/04 .................................................................. 441,551 448,199 3,108 1.2752 

05/12/04 .................................................................. 460,700 467,776 3,853 1.2939 

05/19/04 .................................................................. 446,271 454,079 4,939 1.2776 

05/26/04 .................................................................. 477,191 486,561 4,913 1.2722 

 

06/02/04 .................................................................. 479,120 488,834 4,259 1.2506 

06/09/04 .................................................................. 516,319 523,767 3,374 1.2564 

06/16/04 .................................................................. 477,787 484,550 3,345 1.2681 

06/23/04 .................................................................. 456,369 466,210 2,392 1.2538 

06/30/04 .................................................................. 449,976 460,413 3,794 1.2499 

 
FOREIGN CURRENCY POSITIONS 99

SECTION III.—Swiss Franc Positions, con. 

TABLE FCP-III-2.—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 272,369 275,786 46,430 55,320 39,079 36,389 40,849 39,248 -818 1.6579 

2002 - Dec................... 279,171 282,007 50,539 55,470 53,399 45,776 45,632 44,198 1,190 1.3818 

2003 - July................... 375,694 379,868 49,023 54,214 63,583 49,400 94,567 95,880 3,560 1.3700 

Aug .................. 344,044 347,810 49,440 55,224 63,810 48,911 85,518 86,455 2,277 1.3997 

Sept................. 376,554 384,407 51,966 57,240 66,724 52,170 95,476 96,343 4,829 1.3179 

Oct................... 399,969 404,956 51,878 55,821 64,867 51,100 92,026 89,305 1,123 1.3410 

Nov .................. 373,653 383,569 53,267 56,510 115,489 64,741 92,802 132,667 560 1.2914 

Dec .................. 335,009 347,189 52,350 54,773 60,600 54,918 78,846 77,646 278 1.2407 

2004 - Jan ................... 361,493 374,751 50,044 54,182 64,169 58,313 81,923 86,356 547 1.2575 

Feb .................. 434,240 441,662 49,379 56,010 63,592 53,649 81,894 82,229 1,072 1.2623 

Mar .................. 421,589 429,572 51,290 56,763 64,471 54,824 80,056 78,841 2,014 1.2657 

Apr................... 474,259 481,850 59,630 65,304 56,669 50,340 64,894 60,160 2,244 1.2957 

May.................. 511,540 526,269 57,913 62,628 64,945 56,900 57,935 55,990 3,672 1.2530 

June................. 464,452 477,126 48,671 54,424 62,930 58,441 66,333 64,073 3,879 1.2499 

 

TABLE FCP-III-3.—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

 

2001 - Dec................... 22,988 31,166 23,417 11,992 n.a. n.a. n.a. 1,278 n.a. 1.6579 

2002 - Mar................... 22,611 28,965 33,250 18,477 n.a. n.a. n.a. n.a. n.a. 1.6826 

June................. 27,717 34,175 32,500 19,410 n.a. n.a. n.a. n.a. 785 1.4826 

Sept................. 27,500 32,490 23,980 9,526 n.a. n.a. 3,850 n.a. 630 1.4767 

Dec .................. 21,342 27,689 22,215 10,114 n.a. n.a. 3,656 3,153 n.a. 1.3818 

2003 - Mar................... 27,061 36,052 25,146 9,876 n.a. n.a. 4,229 3,551 -193 1.3506 

June................. 26,550 37,574 25,367 10,203 n.a. n.a. 8,087 3,751 -1,174 1.3515 

Sept................. 23,450 34,639 26,605 8,462 n.a. n.a. 3,873 1,906 90 1.3179 

Dec .................. 18,175 28,498 27,181 7,820 n.a. n.a. 1,010 694 116 1.2407 

2004 - Mar................... 26,688 36,136 29,642 8,578 n.a. 423 1,387 983 n.a. 1.2657 

 
100 FOREIGN CURRENCY POSITIONS 

SECTION IV.—Sterling Positions 

TABLE FCP-IV-1.—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate (U.S. 

dollars per 

pound) 

(4) 

 

01/07/04 .................................................................. 544,336 543,816 685 1.8192 

01/14/04 .................................................................. 570,575 568,350 121 1.8320 

01/21/04 .................................................................. 583,090 580,927 299 1.8302 

01/28/04 .................................................................. 599,740 597,146 -43 1.8217 

 

02/04/04 .................................................................. 601,407 602,780 26 1.8323 

02/11/04 .................................................................. 596,561 597,923 1,018 1.8905 

02/18/04 .................................................................. 595,485 595,706 948 1.8860 

02/25/04 .................................................................. 605,167 606,367 684 1.8696 

 

03/03/04 .................................................................. 615,400 615,286 100 1.8303 

03/10/04 .................................................................. 647,179 641,116 -427 1.8045 

03/17/04 .................................................................. 586,543 584,626 -238 1.8161 

03/24/04 .................................................................. 591,446 590,966 16 1.8235 

03/31/04 .................................................................. 608,375 605,780 306 1.8454 

 

04/07/04 .................................................................. 614,246 608,111 557 1.8396 

04/14/04 .................................................................. 608,785 603,577 71 1.7904 

04/21/04 .................................................................. 641,577 634,339 -166 1.7730 

04/28/04 .................................................................. 628,051 622,638 158 1.7716 

 

05/05/04 .................................................................. 617,980 611,524 273 1.7927 

05/12/04 .................................................................. 610,114 606,549 -81 1.7717 

05/19/04 .................................................................. 606,183 604,012 360 1.7825 

05/26/04 .................................................................. 645,073 641,399 920 1.8147 

 

06/02/04 .................................................................. 630,365 629,021 997 1.8340 

06/09/04 .................................................................. 655,056 651,817 575 1.8296 

06/16/04 .................................................................. 626,022 623,373 325 1.8270 

06/23/04 .................................................................. 608,335 609,501 51 1.8169 

06/30/04 .................................................................. 627,502 626,012 -162 1.8192 

 
FOREIGN CURRENCY POSITIONS 101

SECTION IV.—Sterling Positions, con. 

TABLE FCP-IV-2.—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2001 - Dec................... 347,290 374,716 164,185 153,947 24,856 26,621 24,625 25,187 1,372 1.4556 

2002 - Dec................... 424,513 428,433 196,385 182,170 26,278 22,651 27,928 26,744 -396 1.6094 

2003 - July................... 516,799 525,368 199,592 194,450 33,169 32,275 30,698 28,435 -981 1.6095 

Aug .................. 475,064 489,582 189,906 183,174 26,486 27,111 27,035 24,374 -2,580 1.5758 

Sept................. 519,405 528,586 225,961 223,202 31,776 31,734 31,100 29,538 -1,309 1.6639 

Oct................... 565,192 567,601 235,120 270,386 31,292 31,800 32,267 31,459 -788 1.6941 

Nov .................. 527,446 531,441 215,233 222,609 46,894 31,583 29,913 27,518 -528 1.7212 

Dec .................. 562,877 563,000 213,813 215,501 30,379 31,415 27,185 27,154 -568 1.7856 

2004 - Jan ................... 592,228 592,822 225,195 228,696 37,478 38,159 31,017 32,466 -446 1.8246 

Feb .................. 624,663 630,137 224,186 222,040 40,735 43,465 35,872 33,428 175 1.8669 

Mar .................. 622,452 620,333 216,252 216,641 41,106 43,367 35,808 35,910 279 1.8454 

Apr................... 647,217 646,160 210,446 211,840 40,831 42,595 35,900 34,669 - 1.7773 

May.................. 624,739 628,124 224,909 226,356 55,308 56,061 34,993 35,326 852 1.8334 

June................. 643,917 645,780 199,885 200,054 38,638 36,982 33,256 34,773 136 1.8192 

 

TABLE FCP-IV-3.—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange rate 

(U.S. dollars 

per pound) 

(10) 

 

2001 - Dec................... 32,966 32,833 38,240 31,388 2,224 2,152 2,177 2,373 396 1.4556 

2002 - Mar................... 30,190 31,380 30,000 21,404 n.a. n.a. n.a. 3,633 512 1.4243 

June................. 30,530 30,126 28,877 22,290 n.a. n.a. 4,050 3,974 303 1.5313 

Sept................. 31,096 31,837 38,781 26,991 2,197 n.a. 2,705 2,948 260 1.5683 

Dec .................. 28,082 29,017 33,525 26,154 n.a. 1,708 3,625 2,600 -771 1.6094 

2003 - Mar................... 31,799 34,426 41,449 29,508 1,006 956 3,265 3,327 -105 1.5830 

June................. 31,339 35,450 43,806 28,353 1,245 2,076 4,107 3,675 n.a. 1.6552 

Sept................. 35,979 37,437 43,092 27,499 950 1,374 3,431 2,835 375 1.6639 

Dec .................. 30,537 32,060 43,775 23,556 841 1,092 3,123 2,837 335 1.7856 

2004 - Mar................... 36,182 42,176 44,956 27,980 1,543 1,280 3,001 3,167 279 1.8454 

 
102 FOREIGN CURRENCY POSITIONS 

SECTION V.—U.S. Dollar Positions 

TABLE FCP-V-1.—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(4) 

 

01/07/04 ................................................................ 5,841,078 5,767,362 2,111 n.a. 

01/14/04 ................................................................ 6,061,851 6,003,725 -129 n.a.

01/21/04 ................................................................ 6,111,470 6,058,768 -168 n.a.

01/28/04 ................................................................ 6,151,779 6,117,983 1,741 n.a.

 

02/04/04 ................................................................ 6,268,096 6,234,091 496 n.a. 

02/11/04 ................................................................ 6,326,030 6,271,118 -1,411 n.a. 

02/18/04 ................................................................ 6,318,684 6,266,296 -3,133 n.a. 

02/25/04 ................................................................ 6,461,755 6,403,771 1,067 n.a. 

 

03/03/04 ................................................................ 6,689,106 6,641,505 4,416 n.a. 

03/10/04 ................................................................ 6,697,026 6,650,984 1,236 n.a. 

03/17/04 ................................................................ 6,305,444 6,219,170 3,357 n.a. 

03/24/04 ................................................................ 6,326,256 6,230,914 -1,737 n.a. 

03/31/04 ................................................................ 6,468,489 6,435,964 -6,826 n.a. 

 

04/07/04 ................................................................ 6,540,246 6,504,891 -5,037 n.a. 

04/14/04 ................................................................ 6,501,777 6,469,215 -1,679 n.a. 

04/21/04 ................................................................ 6,472,451 6,443,833 -732 n.a. 

04/28/04 ................................................................ 6,493,900 6,447,590 -2,285 n.a. 

 

05/05/04 ................................................................ 6,544,843 6,497,415 -3,571 n.a. 

05/12/04 ................................................................ 6,491,907 6,446,936 537 n.a. 

05/19/04 ................................................................ 6,393,906 6,364,041 -4,399 n.a. 

05/26/04 ................................................................ 6,667,768 6,597,963 -4,612 n.a. 

 

06/02/04 ................................................................ 6,617,274 6,522,694 -6,398 n.a. 

06/09/04 ................................................................ 6,784,739 6,732,703 -4,351 n.a. 

06/16/04 ................................................................ 6,427,608 6,393,797 -1,733 n.a. 

06/23/04 ................................................................ 6,261,710 6,218,049 -1,382 n.a. 

06/30/04 ................................................................ 6,418,436 6,390,731 -3 n.a. 

 
FOREIGN CURRENCY POSITIONS 103

SECTION V.—U.S. Dollar Positions, con. 

TABLE FCP-V-2.—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 4,142,797 4,061,456 - - 746,818 721,144 464,099 461,091 336 n.a. 

2002 - Dec................... 4,828,993 4,789,483 - - 627,016 570,259 593,640 573,324 -988 n.a. 

2003 - July................... 5,697,250 5,666,367 - - 756,665 731,062 834,671 828,254 1,204 n.a. 

Aug .................. 5,276,387 5,250,070 - - 736,077 714,386 794,646 804,034 -3,032 n.a. 

Sept................. 5,788,887 5,753,074 - - 795,256 790,721 886,861 884,871 -435 n.a. 

Oct................... 6,038,060 6,009,364 - - 825,558 807,016 928,535 945,850 14,599 n.a. 

Nov .................. 5,775,259 5,729,718 - - 850,150 835,086 929,682 951,992 9,609 n.a. 

Dec .................. 5,871,609 5,818,648 - - 792,541 794,895 934,738 898,503 7,175 n.a. 

2004 - Jan ................... 6,303,412 6,266,999 - - 884,230 865,349 952,681 978,290 2,936 n.a. 

Feb .................. 6,787,178 6,736,363 - - 934,673 903,152 1,008,346 1,056,438 2,186 n.a. 

Mar .................. 6,798,787 6,800,282 - - 987,410 958,155 1,045,595 1,085,024 -5,629 n.a. 

Apr................... 6,844,040 6,813,566 - - 974,445 939,434 1,021,087 1,065,788 -2,993 n.a. 

May.................. 6,633,185 6,569,994 - - 994,236 968,335 1,053,978 1,099,534 -4,773 n.a. 

June................. 6,737,670 6,735,410 - - 973,387 943,426 1,013,872 1,060,787 2,498 n.a. 

 

TABLE FCP-V-3.—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Office of Foreign Exchange Operations] 

Options positions Spot, forward 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 337,179 384,159 - - 24,444 18,033 26,605 30,170 3,308 n.a. 

2002 - Mar................... 358,652 401,829 - - 28,326 n.a. n.a. 17,413 n.a. n.a. 

June................. 328,520 384,482 - - 21,491 n.a. n.a. 15,477 n.a. n.a. 

Sept................. 388,218 410,714 - - n.a. n.a. 55,531 56,058 5,146 n.a. 

Dec .................. 356,423 381,746 - - n.a. n.a. 71,715 n.a. 1,272 n.a. 

2003 - Mar................... 418,611 465,808 - - n.a. n.a. n.a. n.a. 1,117 n.a. 

June................. 468,160 456,607 - - n.a. n.a. n.a. n.a. 4,747 n.a. 

Sept................. 448,471 463,129 - - 50,453 44,020 n.a. n.a. 2,711 n.a. 

Dec .................. 419,759 427,434 - - 14,435 12,066 18,772 11,111 2,186 n.a. 

2004 - Mar................... 498,269 508,945 - - 21,299 16,890 19,262 16,243 -239 n.a. 

 
104 FOREIGN CURRENCY POSITIONS 

SECTION VI.—Euro Positions 

TABLE FCP-VI-1.—Weekly Report of Major Market Participants 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

 

Spot, forward and future contracts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Net options positions 

(3) 

Exchange 

rate 

(Euros per 

U.S. dollar) 

(4) 

 

01/07/04 .................................................................. 1,772,362 1,801,934 -5,557 0.7914 

01/14/04 .................................................................. 1,832,768 1,858,349 -3,239 0.7905 

01/21/04 .................................................................. 1,870,243 1,896,926 -2,678 0.7918 

01/28/04 .................................................................. 1,843,232 1,858,634 -4,369 0.8008 

 

02/04/04 .................................................................. 1,842,345 1,876,532 -5,966 0.7982 

02/11/04 .................................................................. 1,847,221 1,872,922 -3,087 0.7798 

02/18/04 .................................................................. 1,835,319 1,861,798 -2,626 0.7898 

02/25/04 .................................................................. 1,859,629 1,890,108 -3,413 0.8004 

 

03/03/04 .................................................................. 1,976,522 2,006,490 -6,210 0.8200 

03/10/04 .................................................................. 1,944,929 1,978,101 -5,815 0.8169 

03/17/04 .................................................................. 1,822,244 1,874,239 -4,067 0.8173 

03/24/04 .................................................................. 1,862,950 1,929,581 -2,305 0.8247 

03/31/04 .................................................................. 1,899,384 1,945,811 1,323 0.8120 

 

04/07/04 .................................................................. 1,982,495 2,019,836 -506 0.8218 

04/14/04 .................................................................. 1,928,725 1,967,678 -2,049 0.8358 

04/21/04 .................................................................. 1,925,577 1,967,909 -1,486 0.8453 

04/28/04 .................................................................. 1,912,217 1,954,302 -1,886 0.8452 

 

05/05/04 .................................................................. 1,917,810 1,956,827 -1,236 0.8220 

05/12/04 .................................................................. 1,927,038 1,959,744 -1,445 0.8404 

05/19/04 .................................................................. 1,887,550 1,925,779 975 0.8326 

05/26/04 .................................................................. 1,977,277 2,014,195 35 0.8262 

 

06/02/04 .................................................................. 1,894,756 1,942,503 675 0.8187 

06/09/04 .................................................................. 1,963,605 2,002,480 -68 0.8303 

06/16/04 .................................................................. 1,859,935 1,898,519 -691 0.8330 

06/23/04 .................................................................. 1,799,479 1,836,459 -238 0.8273 

06/30/04 .................................................................. 1,869,563 1,909,685 -257 0.8200 

 
FOREIGN CURRENCY POSITIONS 105

SECTION VI.—Euro Positions, con. 

TABLE FCP-VI-2.—Monthly Report of Major Market Participants 

[In millions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 1,464,662 1,516,730 821,624 761,351 213,086 197,235 211,261 231,581 -3,133 1.1217 

2002 - Dec................... 1,625,180 1,696,157 1,040,749 995,578 267,591 247,397 203,958 236,553 -2,361 0.9527 

2003 - July................... 1,839,623 1,876,409 1,113,203 1,066,778 330,991 298,960 289,149 313,417 -3,601 0.8895 

Aug .................. 1,683,068 1,724,811 1,042,409 1,000,587 308,732 287,965 279,065 299,826 -3,310 0.9102 

Sept................. 1,848,026 1,868,197 1,113,221 1,072,726 347,440 322,426 294,697 315,887 -2,977 0.8574 

Oct................... 1,863,151 1,916,295 1,114,492 1,078,762 342,348 342,944 293,320 319,239 -5,379 0.8635 

Nov .................. 1,755,327 1,798,108 1,004,678 974,951 337,259 321,529 295,004 311,954 -7,649 0.8342 

Dec .................. 1,770,094 1,801,409 1,061,881 1,036,384 293,589 286,226 260,869 277,574 -8,427 0.7952 

2004 - Jan ................... 1,894,931 1,928,622 1,047,977 1,032,553 309,711 305,015 288,041 305,185 -7,077 0.8017 

Feb .................. 1,946,797 1,988,434 1,082,050 1,059,511 330,367 314,000 292,105 312,552 -5,963 0.8004 

Mar .................. 1,972,916 2,020,924 1,065,583 1,044,721 327,568 305,075 309,389 335,285 557 0.8120 

Apr................... 1,988,272 2,027,604 1,004,308 980,794 325,086 305,723 311,301 321,253 -1,064 0.8349 

May.................. 1,865,899 1,917,909 1,035,284 1,002,003 339,772 294,473 321,109 335,411 421 0.8190 

June................. 1,929,751 1,976,376 1,068,059 1,027,484 307,773 281,967 302,411 323,931 120 0.8200 

 

TABLE FCP-VI-3.—Quarterly Report of Large Market Participants 

[In billions of euros. Source: Office of Foreign Exchange Operations] 

Spot, forward Options positions 

and future contracts Non-capital items Calls Puts 

Report date 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

 

2001 - Dec................... 171,056 162,581 217,151 150,815 17,066 16,953 16,865 14,370 -58 1.1217 

2002 - Mar................... 139,640 143,570 201,735 123,114 n.a. n.a. 15,392 13,788 547 1.1468 

June................. 165,752 165,199 201,526 141,469 n.a. n.a. 16,231 15,209 1,044 1.0099 

Sept................. 169,381 167,479 197,713 140,707 n.a. n.a. 29,747 29,540 487 1.0130 

Dec .................. 162,235 151,909 154,166 134,844 n.a. n.a. 16,812 13,985 -86 0.9527 

2003 - Mar................... 174,551 165,959 179,611 146,054 n.a. n.a. 21,449 15,577 -2,428 0.9153 

June................. 178,372 170,896 197,305 169,747 n.a. n.a. 26,352 17,778 3,663 0.8687 

Sept................. 178,580 160,509 161,112 111,712 n.a. n.a. 16,932 9,813 -1,316 0.8574 

Dec .................. 153,335 144,106 157,491 77,634 8,294 7,684 9,465 6,754 -781 0.7952 

2004 - Mar................... 176,895 181,365 199,824 120,647 10,418 11,420 14,269 13,505 -3,231 0.8120 

 
106

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

• Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

• Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of Dec. 31, 2003, and Mar. 31, 2004 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

 Assets, liabilities, and capital Dec. 31, 2003 

Jan. 1, 2004, 

through 

Mar. 31, 2004 Mar. 31, 2004 

Assets 

U.S. dollars: 

Held with Treasury: 

U.S. Government securities............................................. 10,529,183 -130,265 10,398,918

Special drawing rights 1 ........................................................... 12,637,639 53,291 12,690,930

Foreign exchange and securities: 

European euro ..................................................................... 10,945,735 -208,946 10,736,789

Japanese yen....................................................................... 8,816,032 249,861 9,065,893

Accounts receivable................................................................. 125,438 5,089 130,527

Total assets.......................................................................... 43,054,027 -30,970 43,023,057

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 97,361 -78,088 19,273

Total current liabilities ...................................................... 97,361 -78,088 19,273

Other liabilities: 

SDR certificates ................................................................... 2,200,000 - 2,200,000

SDR allocations ................................................................... 7,280,555 -26,752 7,253,803

Total other liabilities ......................................................... 9,480,555 -26,752 9,453,803

Capital: 

Capital account .................................................................... 200,000 - 200,000

Net income (+) or loss (-) (see table ESF-2) ....................... 33,276,111 73,870 33,349,981

Total capital...................................................................... 33,476,111 73,870 33,549,981

Total liabilities and capital............................................ 43,054,027 -30,970 43,023,057

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 107

TABLE ESF-2.—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2004, 

through 

Mar. 31, 2004 

Fiscal year to date 

Oct. 1, 2003, 

through 

Mar. 31, 2004 

Income and expense 

Profit (+) or loss (-) on: 

Foreign exchange .............................................................................. -18,131 1,149,675

Adjustment for change in valuation 

 of SDR holdings and allocations 1 ..................................................... -19,794 182,978

Interest (+) or net charges (-) on: 

SDRs.................................................................................................. 21,432 41,933

U.S. Government securities............................................................... 26,100 52,867

Foreign exchange .............................................................................. 64,263 127,067

Commissions ......................................................................................... - -

Income from operations..................................................................... 73,870 1,554,520

Net income (+) or loss (-)............................................................... 73,870 1,554,520

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note.— Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
TRUST FUNDS 111

TABLE TF-15A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2005. 

The 24-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2005. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005) .............................................................................................................. 75.10 

less: 

Cash balance (fiscal year 2005) ......................................................................................................................................................................................... 7.92 

Unfunded authorizations (fiscal year 2005)........................................................................................................................................................................ 67.13 

24-month revenue estimate (fiscal years 2006 and 2007)................................................................................................................................................. 63.42 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2005) .............................................................................................................. 5.14 

less: 

Cash balance (fiscal year 2005) ......................................................................................................................................................................................... 7.50 

Unfunded authorizations (fiscal year 2005)........................................................................................................................................................................ -2.36 

24-month revenue estimate (fiscal years 2006 and 2007)................................................................................................................................................. 10.26 
112 TECHNICAL PAPERS 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1425 New York Ave., NW., Room 1000 

Washington, DC 20220 

Telephone (202) 622-1519, or fax (202) 622-1294
113

Glossary 

With References to Applicable Sections and Tables 

Source: Financial Management Service 

Accrued discount (SBN-1, -2, -3)—Interest that accumulates 

on savings bonds from the date of purchase until the date of 

redemption or final maturity, whichever comes first. Series A, 

B, C, D, E, EE, F, I, and J are discount or accrual type 

bonds—meaning principal and interest are paid when bonds 

are redeemed. Series G, H, HH, and K are current-income 

bonds, and the semiannual interest paid to their holders is not 

included in accrued discount. 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-2, -3)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-2)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Coupon issue—The issue of bonds or notes (public debt). 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Current income bonds (“U.S. Savings Bonds and Notes”)—

Bonds paying semiannual interest to holders. Interest is not 

included in accrued discount. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. As of June 2004, the debt 

limit was $7,384,000 million; the limit may change from year 

to year. 

The debt subject to limitation includes most of 

Treasury’s public debt except securities issued to the Federal 

Financing Bank, upon which there is a limitation of $15 

billion, and certain categories of older debt (totaling 

approximately $595 million as of February 1991). 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-2)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 
114 GLOSSARY 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign (“Foreign Currency Positions,” IFS-2, -3)—

Locations other than those included under the definition of the 

United States. (See United States.) 

Foreigner (“Capital Movements,” IFS-2)—All institutions 

and individuals living outside the United States, including 

U.S. citizens living abroad, and branches, subsidiaries, and 

other affiliates abroad of U.S. banks and business concerns; 

central governments, central banks, and other official 

institutions of countries other than the United States; and 

international and regional organizations, wherever located. 

Also refers to persons in the United States to the extent that 

they are known by reporting institutions to be acting for 

foreigners. 

Foreign official institutions (“Capital Movements”)—

Includes central governments of foreign countries, including 

all departments and agencies of national governments; central 

banks, exchange authorities, and all fiscal agents of foreign 

national governments that undertake activities similar to those 

of a treasury, central bank, or stabilization fund; diplomatic 

and consular establishments of foreign national governments; 

and any international or regional organization, including 

subordinate and affiliate agencies, created by treaty or 

convention between sovereign states. 

Foreign public borrower (“Capital Movements”)—Includes 

foreign official institutions, as defined above, the corporations 

and agencies of foreign central governments, including 

development banks and institutions, and other agencies that 

are majority-owned by the central government or its 

departments; and state provincial and local governments of 

foreign countries and their departments and agencies. 

Foreign-targeted issue (PDO-1, -3)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund (“Exchange Stabilization 

Fund,” IFS-1)—(IMF) Established by the United Nations, 

the IMF promotes international trade, stability of exchange, 

and monetary cooperation. Members are allowed to draw 

from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Matured non-interest-bearing debt (SBN-1, -2, -3)—The 

value of outstanding savings bonds and notes that have 

reached final maturity and no longer earn interest. Includes all 

Series A-D, F, G, I, J, and K bonds. Series E bonds (issued 

between May 1941 and November 1965), Series EE (issued 

since January 1980), Series H (issued from June 1952 through 

December 1979), and savings notes issued between May 1967 

and October 1970 have a final maturity of 30 years. Series HH 

bonds (issued since January 1980) mature after 20 years. 

Noncompetitive tenders (“Treasury Financing Operations”)—Offers by an investor to purchase Treasury 

securities at the price equivalent to the weighted average 

discount rate or yield of accepted competitive tenders in a 

Treasury auction. Noncompetitive tenders are always accepted 

in full. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Own foreign offices (“Capital Movements”)—Refers to 

U.S. reporting institutions’ parent organizations, branches 

and/or majority-owned subsidiaries located outside the United 

States. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 
GLOSSARY 115

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-3, -4)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

IFS-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (FD-2)—(SLUGs) 

Special nonmarketable certificates, notes, and bonds offered 

to State and local governments as a means to invest proceeds 

from their own tax-exempt financing. Interest rates and 

maturities comply with IRS arbitrage provisions. SLUGs are 

offered in both time deposit and demand deposit forms. Time 

deposit certificates have maturities of up to 1 year. Notes 

mature in 1 to 10 years and bonds mature in more than 10 

years. Demand deposit securities are 1-day certificates rolled 

over with a rate adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-1, -3)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).